In a previous post, we addressed why insurance premiums are rising across the board. When insurance companies suffer losses due to an increase in claims from auto accidents or damage to homes from catastrophic storms, they typically increase premiums to offset the costs.
Due to hardening property markets and rapidly increasing catastrophic losses, we are seeing some homeowners insurance companies withdraw from the market and others are going out of business. Although this doesn’t happen very often, it is possible if they run into financial trouble. As a result, homeowners are finding insurance options to be limited and rather pricey.
While we proactively shop our clients’ policies when we see abnormal rate increases, it’s important to inform us of any updates to your home and/or auto(s), as it may help lower your premiums. For example, did you recently install a new roof or windows or renovate your home? Have you taken a defensive driving course within the last year? Would you consider utilizing a telematics device to track your driving habits for a period of time? Have you bundled all of your insurance policies with us? As a South Carolina Federal Insurance Solutions client, you may be eligible for a multi-policy discount, even if your policies are with different carriers.
We monitor insurance carriers to better help our clients should one become financially unstable or insolvent. We will continue to take a critical look as we bring on new carriers, focusing on ratings, financial size, and strength to offer our clients a broad selection of products.
Do you have questions about your policies? Give us a call at 833-359-0725 or email us for information.