Insights from Our Recent Personal Insurance Webinar
In our recent Personal Insurance 101 webinar, our insurance professionals David Weaver and Kimberly Hendrick provided valuable information on insurance for personal assets, such as home, auto, and umbrella insurance.
Some main takeaways from their discussion include:
- The insurance industry is facing increased rates and stricter underwriting procedures, causing difficulty in finding a policy that is right for home and auto owners.
- Some insurance carriers are exiting the market or tightening their approval procedures, which limits insurance options.
- Some insurance carriers are increasing deductible amounts to save on premiums. If you decide to increase the deductible, ensuring that it is a feasible amount to pay is crucial.
- You may be able to obtain decent rates and discounts for updating safety features on your property, such as water sensors, security devices, and safety training courses.
- Umbrella insurance is a great option to cover liability losses that may exceed the limits of your primary insurance. This comes into play in the event of a claim with severe injuries or damages.
- Endorsements on primary insurance can cover many damage-causing events relevant to the property and save thousands of dollars. Examples of endorsements include, but are not limited to, water backup and sump pump overflow, equipment breakdown, underground utility line coverage, and identity fraud coverage.
- To ensure a smooth claims process, document damage and notify the insurance company promptly.
- Catastrophic losses, such as damage from tornadoes and hurricanes can be classified as “get-one-free” events, or “one free pass”, which don’t typically impact your future insurability. Review your policy for specifics on catastrophic loss coverage.
If you have any questions, or would like to review your personal insurance policy, please don’t hesitate to contact our team.
This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.
Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.