Suggestions to help offset premium increases

Our office has been experiencing steady increases in insurance rates over the past year. As cost for repairs increase due to rising material and labor costs, claims are costing companies more than ever. But these steady increases have left many of our clients asking, "what do we do?"

Some clients have requested that we shop their insurance which we will gladly do. However, the rate increases have not been isolated to just a few carriers. While some carriers have taken more premium rate increases than others, indications are that rates will continue to rise. We do expect that some of our carriers who took less rate in 2022 will take additional rate in 2023 to make up for their conservative approach. Instead of continuously jumping from one carrier to the next we may ask our insureds to help us identify savings with their current carrier. Anything we can do to help make permanent cost changes to the policy may be a better focus for our efforts than just moving to a different carrier and expecting different results. Albert Einstein is famously quoted "Insanity is doing the same thing over and over and expecting different results".

Here are a few suggestions for helping reduce premiums (in the immediate and distant future):

1. Take preventative measurements to prevent claims

   1. Install security cameras on your property. Security cameras can help deter theft claims, but they can also assist in liability claims to help determine who is responsible for damage

   2. Have a wood burning stove? Buy a woodstove thermometer. This will not only help you heat your house at the optimal rate, but it can help prevent home fires.

   3. Install water sensors near your sump pump, water heater, under sinks, etc. These audible alarms can alert you quickly to displaced water and help minimize claims costs.

   4. Ting helps you prevent electrical fires before they happen!

   5. Pledge to drive without using your cell phone! It is no secret that the frequency and severity of auto claims rose as cell phones became more popular. Ohio and Indiana both have laws against distracted driving. Put your cell away before you get a ticket or worse, hurt someone!

   6. Enroll in auto telematics with your carrier. Many of our carriers have apps that you can download. These often provide a discount, but also provide helpful tips on how to be a safer driver.

2. Apply discounts that save the company money

   1. When possible, pay your policies in full. Carriers provide large discounts to get your payments up front. The company not only saves on printing and mailing costs, but it also takes less labor for the company to post 1 payment vs. multiple.

   2. Opt into EFT payments- If the payment is made automatically from your checking account, less labor is needed to track down late payments and/or post payments.

   3. Opt into Paperless- Less paper means less printing costs. It also means less postage.