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.