Where Are Rates Going?
There are some people that would have you believe that insurance rates are haphazardly set by greedy insurance carriers in tall buildings. I hate to disappoint, but it's a little more sophisticated than that. There is a tremendous amount of resources committed to rate development. It all makes for boring conversation unless you are an insurance guy like me. What most people really want to know is where are rates going and how can I manage my insurance costs?
Market trends, economic factors, claim experience and re-insurance markets are all leading indicators that we follow closely to have a better understanding of where rates are headed. Consider this.... 2011 was one of the worst claim years on record AND one of the worst economic years on record - both locally and globally. These two indicators alone are enough to move the market. Rates will continue to trend up at varying degrees depending on the type of insurance product.
That being said, what can you do to manage your insurance expense? Companies continue to favor "account business" where auto and home are bundled together or commercial policies are written with the same company. The rates for account business are more competitive than policies that are written with different companies. Consolidating your coverages will reduce the cost of your policies.
We are doing our part to help. Accounts are being flagged that might have different insurance carriers to review and consolidate where it makes sense. We are also reaching out to clients that only have one policy with our agency to make them aware of the savings if they consolidate their coverages with us.
Market trends will continue to favor the account business over the long term. If your coverages are spread amongst multiple carriers and agencies, now is the time to make a move and consolidate them. Give us a call to review those coverages and get ahead of rising insurance costs.
Regards,
Edward P. Hackett, CIC CRM
Vice-President
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Candle Fires By the Numbers
15,260 number of home candle fires each year
166 number of home candle fire deaths each year
1,289 number of home candle fire injuries each year
Which room do fires begin in the most?
When do most fatal candle fires occur?
What are the top 5 holidays for candle fires?
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Driving Around on an Expired License?
We still come across clients that are driving around on an expired license. Odds are if you stop what you are doing right now, check your license expiration date and ask your co-workers, family or friends - one of you has an expired license.
Help is a click away. Our license renewal reminder service is a free service that will remind you to renew your license. Enroll today by clicking on the license image below.
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