Insurance & Risk Management

Maximize Your Insurance Program

The insurance industry goes through market cycles that directly impact consumers. Insurance premiums are on the rise across the country. Here are a few risk management strategies you can use to maximize your insurance. These may result in credits or a reduction in your policy premium:

  • First, add monitoring devices and mitigation systems to your home 
  • Secondly, ensure that your policy reflects any home improvements 
  • Thirdly, ask about auto policy credits 
  • Lastly, ensure your home has a proper valuation 

Marsh Client Services’ article on Maximizing Your Insurance Program highlights some ways to potentially increase savings on your insurance programs:

“In today’s environment of economic uncertainty and the COVID-19 pandemic, individuals are looking for ways to increase savings. The good news is there are easy ways to maximize value within your insurance program.

The insurance industry goes through soft and hard market cycles. We are currently in a hard market cycle, which means premiums tend to be higher and insurers underwrite risks more critically.  Individuals in high-risk areas, such as on a coast or in areas susceptible to wildfires or mudslides, have likely already experienced the effects of the hard market on their insurance program.

Given the current state of the market, higher premiums are the trend in both high- and low-risk areas…

Another way to maximize your insurance program is by policy bundling. Bundling all your insurance policies with one company is helpful in reducing potential gaps in exposure, and in obtaining credits across your entire insurance program as insurers are more likely to offer credits as a way to retain your business.”

Read Marsh Private Client Service’s full article on Maximizing Your Insurance Program here. 

  • Important Disclosure Information: The information contained within this blog is for informational purposes only and is not intended to provide specific advice or recommendations.  If third party products or services are referenced in the above blog post, then Schultz Financial Group is providing that information for informational purposes only and is not recommending or endorsing any third party products or services. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Schultz Financial Group Incorporated), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Schultz Financial Group Incorporated. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Schultz Financial Group Incorporated is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Schultz Financial Group Incorporated’s current written disclosure statement discussing our advisory services and fees is available for review upon request. Please Note: Schultz Financial Group Incorporated does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Schultz Financial Group Incorporated’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

  • More Insights from SFG

    June, 2020
    Technology During a Pandemic

    The COVID-19 pandemic has drastically changed day-to-day life for millions of people. One of the areas of life that it has greatly impacted is travel, both near and far.

    May, 2020
    Hydration 101

    Water is a vital nutrient and has many important roles in the body. Despite the body’s precise regulation of water balance, we must still consume an adequate amount of water to prevent dehydration.

    May, 2020
    Snack Smarter: 3 Tips to Building a Better Snack

    Snacking can contribute to meeting daily nutrient needs and keeping your energy high throughout the day. However, an unhealthy snack can have the opposite effect. Here are 3 tips to help you build a better snack.