Even if you haven’t filed a claim, factors impacting the cost of insurance are outpacing inflation. Price surges caused by labor and supply chain issues have inflated repair and replacement costs for vehicles and property. Also, the increasing frequency and severity of accidents and other loss situations, such as weather-related disasters, are influencing overall rates. Our team of insurance professionals can work with you to ensure you’re getting the right amount of coverage at the right price…what we call a good value. Steps you can take to help manage your insurance protection are:

• Review your coverages annually: When you receive your annual renewal notices for your policy from your insurance carrier, read them to review any coverage or premium changes and assess if any adjustments may be needed.
• Consider raising your deductible: The deductible is the amount of loss paid by you before your insurance coverage kicks in. Having a higher deductible can result in savings, so discuss options with your insurance professional.
• Confirm possible discounts: Many insurers offer auto insurance discounts such as low-mileage and good student discounts, among others. Home insurers often give consumers discounts for some types of security systems. Multi-policy discounts for having all your insurance with the same carrier typically also provide savings. Talk to your insurance professional.
• Take steps to prevent losses: Having theft reduction devices are typically reflected in auto insurance premiums. Insurers welcome retrofits and renovations that strengthen residences. For businesses, risk reduction achieved through prevention methods, procedures, and training can favorably impact premiums.
• Keep in mind that value includes an insurer’s service: An insurer should be judged on factors besides the cost of their policies including the insurer's financial strength, services offered, and reputation for customer satisfaction.

By being aware of the risks specific to your property, taking preventive measures when possible, and keeping an open dialogue with your insurance professional, you can help manage your insurance costs effectively.