Don’t Underestimate Your Worth
Every year during the holidays, many Americans receive gifts worth $1,000 or more or splurge on one for themselves or a household member. Whether or not they consider these high-value items' implications for their home insurance has been an open question – until now. Selective Insurance recently released the results of a research study it commissioned to find the answer to that very question. The research was conducted online by The Harris Poll a few days after Christmas among over 1,700 U.S. adults who have a homeowners or renters policy (defined as policyholders throughout). It g A little over half of policyholders (53%) received...
The Impact of Inflation on the Commercial Insurance Market
Over the past year, inflation has become a growing concern. Inflation issues have largely resulted from a culmination of labor and supply trends brought on by the COVID-19 pandemic, and they are clearly reflected within the country’s rising Consumer Price Index (CPI). According to the latest data from the Bureau of Labor Statistics (BLS), the CPI for all urban consumers surged by 7.9% in the last twelve months—representing the largest increase over this amount of time since 1982. Inflation issues could create a number of challenges in the commercial insurance market, affecting both insurers and their policyholders. With this in mind,...
Keeping Your Home Protected During Vacation
When you and your family are preparing to leave for a vacation, it’s easy to overlook basic home safety precautions. After all, there are a number of risks that could affect your home while you’re away—including fires, theft and flooding. In order to keep your property safe while you’re on vacation, consider the following guidance. Unplug small appliances and electronic devices. Stop the newspaper and mail. To do this online, visit the U.S. Postal Service’s website. Lock all windows and doors. Arrange to have your lawn mowed or snow shoveled while you’re away. Have a neighbor keep an eye on...
Insuring Your College Student
Sending a child off to college is a significant milestone. As you prepare for the start of the semester, you should consider how your insurance needs may change with your son or daughter away at school....
Vacation Tips to Keep Your Home Safe
Top 10 tips to keep your home safe while you are away on vacation. Be sure you have adequate insurance coverage to protect your home and belongings....
Guessing On Property Limits Could Cost You
Are Your property limits adequate? Determining the correct property limit can be a difficult task, but it is an important consideration when evaluating your insurance program. Defining accurate limits, including the proper endorsements and structuring policies to match your needs are key to establishing an appropriate program. Here are some critical items to think about when evaluating your property coverage: * How did you reach your limit? Estimates developed using only company replacement cost calculators, loss control inspections, or appraisals could leave you underinsured when a loss occurs, or paying for additional coverage that can never be used. Onsite property visits can be...