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. 

  • Schultz Financial Group, Inc. (“SFG”) which is a registered investment adviser, drafted this blog post for its website and for the use of its clients or potential clients. Any other distribution of this blog post is strictly prohibited. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that SFG has attained a certain level of skill, training, or ability. While the content presented is believed to be factual and up to date, it is based on information obtained from a variety of sources. SFG believes this information is reliable, however, it has not necessarily been independently verified. SFG does not guarantee the complete accuracy of all data in this blog post, and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of SFG as of the date of publication and are subject to change. This blog post does not constitute personalized advice from SFG or its affiliated investment professionals, or a solicitation to execute specific securities transactions. SFG is not a law firm and does not intend for any content to be construed as legal advice. Readers should not use any of this content as the sole basis for any investment, financial planning, tax, legal or other decisions. Rather, SFG recommends that readers consult SFG and their other professional advisers (including their lawyers and accountants) and consider independent due diligence before implementing any of the options directly or indirectly referenced in this blog post. Past performance does not guarantee future results. All investment strategies have the potential for profit or loss, and different investments and types of investments involve varying degrees of risk. There can be no assurance that the future performance of any specific investment or investment strategy, including those undertaken or recommended by SFG, will be profitable or equal any historical performance level. Any index performance data directly or indirectly referenced in this blog post is based on data from the respective copyright holders, trademark holders, or publication/distribution right owners of each index. The indexes do not reflect the deduction of transaction fees, custodial charges, or management fees, which would decrease historical performance results. Indexes are unmanaged, and investors cannot invest directly in an index. Additional information about SFG, including its Form ADV Part 2A describing its services, fees, and applicable conflicts of interest and Form CRS is available upon request and at https://adviserinfo.sec.gov/firm/summary/108724.

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