As Home and Auto Insurance rates rise across the insurance industry, customers face the triple threat of higher premiums, higher claims costs, and, worst of all, a higher chance of being underinsured.

Here are some of the reasons why rates continue to rise:
        - Building costs up 32%
        - Delays in materials, like windows
        - Longer temporary housing time
        - 40% increase in used car prices
        - Repairs taking 2x longer
        - 30% increase in rental car costs
(Source:  Hanover Insurance, Spring 2024)

To keep insurance accessible to individuals and families, our approach to home insurance must evolve from a maintenance policy to a shared contract that helps you, as customers, actively protect your property in partnership with and support from your insurance company. Here are some things you can do to reduce your risk of a loss.

1. Take proactive steps to protect and maintain your property. Focus on roof maintenance — the home’s first line of defense against the weather — as well as trimming trees close to the home, clearing gutters to avoid ice dams, and any general maintenance that the outside of your home needs.
   
   
2. Install risk mitigation devices, such as automatic water shut-off devices, water sensors, electrical monitoring, temperature monitoring, and whole house generators, as well as various alarm system options and smart home detectors. There is a lot of new technology available to help you protect your home.
   
   
3. Consider some coverage adjustments. Ensure your home is insured to value. Consider higher deductibles to help lower overall rates but result in higher out-of-pocket payment if there is a loss.

 
Risk Mitigation devices are an affordable way to monitor your home and guard against large losses. Discounts on these products are available through Hanover Insurance Group's Partners In Protection site. These discounts are available to clients with other insurance carriers as well.  
You are not limited to these options as there are many options available to you via Amazon or other retailers.  
 
If you choose to install one or more of these systems, please let us know. You may be eligible for discounts on your home insurance premium.  
 
We are here for any questions you may have. 

It is that time of year again. Winter often brings glacial temperatures and when temperatures start to tumble, the water that supplies your home’s faucets and fixtures can be in the danger of freezing inside of the pipes. Because water expands as it turns into ice, frozen pipes are prone to bursting, which can result in costly water and plumbing damage throughout your home. At the highest risk of freezing are pipes that run along exterior walls of your home and those in unheated or uninsulated places, such as attics, basements, or garages.

Before the temperatures outside start to plummet below freezing, it is important to understand how to prevent pipes from freezing. Read on below to learn more about how to prevent pipes from freezing and keep the water running in winter weather.
 
 
TIPS TO PREVENT YOUR PIPES FROM FREEZING IN THE WINTER

1. Set your thermostat to at least 60 degrees Fahrenheit at all times
2. Open cabinet doors where piping is present
3. Keep your attic door/hatch open if water filled pipes are present
4. Let water drip from all faucets during extreme cold
5. Ensure all water filled pipes are well insulated to reduce the risk of freezing
6. Do not forget to disconnect garden hoses and secure the valves and faucets
7. Seal any air leaks

  
 
For more information on how to prevent pipes from freezing in your home, click to read Selective’s “How to Help Protect Your Property From Extreme Cold”.


Information from © Selective 

​All of us are feeling the grip of inflation. Building materials costs have spiked over the last 2 years. Supply chain disruptions and labor shortages are causing major delays in construction projects. As a result, it now costs more to rebuild your home than it did before. 

When was the last time that you checked your policy limits? Are they high enough to cover a 26% increase in building costs? If not, then you have to pay the difference out of pocket.
 
Hanover Insurance Company shared some of the numbers behind inflation in a recent post.  They recommend that policyholders consider

• Increasing coverage to avoid potential gaps in the current market
• Include the cost of any recent renovations in your policy limits
• Consider higher deductibles to help offset the cost of policy limit increases

 
The insurance industry is working to help policyholders stay ahead of the curve. Many carriers are running Replacement Cost Estimates on covered properties and adjusting property limits as needed. 
 
They are also increasing the Inflation Guard percentage on Property policies as well. Inflation Guard endorsements increase Property coverage limits by a specified percentage (usually 4%) at each renewal. Lately, carriers have increased Inflation Guard percentages to 8% and even 12%. 
 
Now is a great time to review the Dwelling limit (Coverage A) on your Homeowner's policy.  Review your policy renewal to see what changes are being offered and whether they are adequate to properly protect you. 
 
Let us know how we can help!