The Importance of a Local Agent when Insurance Premiums are Rising (Part 1)


Insurance protecting family health live, house and car concept. Cut elements from paper that symbolize the coverage.A Local Agent Is Crucial When Insurance Premiums Are Rising

Premiums are going up all over Florida right now, and have been on the rise for the better part of the last three years. Last year saw the downfall of 11 carriers and the swift withdrawal of four others. This year already, two carriers have gone out of business and into receivership. It is not a soft market by any means. The best way to ensure that you are able to find the best plan for your needs is to find a local independent agent to help you, so that you don’t have to go it alone.

Property and casualty insurance is an essential type of insurance that covers an individual or a business against financial losses resulting from damage to property or liability claims. Property and casualty insurance provides coverage for losses that arise from unforeseen events, such as theft, fire, storms or accidents that may result in property damage, injury or death.

Having property and casualty insurance is essential for anyone who owns a home, car or business. However, choosing the right insurance policy and carrier can be a challenging and time-consuming task. This is where a local agent can come in handy.

A local agent is an insurance agent who operates in your local area and has a deep understanding of the insurance market in your region. Local agents are an excellent resource when you need help understanding your insurance policy or filing a claim. They can also help you find the right policy and carrier to meet your specific needs.

The Value of your Agent Being Truly Independent

One of the benefits of having local agents is that they can act as your advocate when dealing with insurance carriers. Your local agent can help you negotiate with your carrier when it increases the price of your premium or tries to deny your claim. They can also help you find a new carrier that offers the same level of coverage at a more affordable price.
It is essential to note that your local independent insurance agent represents you and not one carrier. An independent agent can help you find the right carrier that offers the best coverage and premium rates for your specific needs. They work with multiple carriers and can provide you with unbiased advice and guidance when it comes to choosing the right insurance policy.

Property and casualty insurance is an essential aspect of protecting your assets and providing financial security in case of unexpected events. Property insurance provides coverage for your home and personal belongings, while casualty insurance covers liability claims against you. With insurance premiums rising, it is more important than ever to have a local insurance agent and work with him to find the right insurance carrier for your needs.

While it is important to have property and casualty insurance to protect your assets, it can be frustrating when insurance premiums rise unexpectedly. This is where having a local insurance agent can be invaluable.

What Can You Do When Your Carrier Increases The Price Of Your Premium?

If your carrier increases the price of your premium, there are a few things you can do to help find the right insurance carrier and keep your costs down.

First, speak with your local insurance agent, who can help you understand why your premium is increasing and can provide you with options for reducing your costs. From changing your deductible to reviewing your current discounts and finding discounts you may be eligible for are just a few of the things your agent can help you accomplish.

If you have recently replaced your roof, you may not be getting all the wind mitigation discounts that you are now eligible for. Always have a new wind mitigation completed after replacing a roof, and also submit either paid in full roof invoice or finalized re-roof permit to your agent for submission to the underwriting department of your insurance carrier. The carriers generally apply new credits effective the day they receive the new inspection, rather than the day the new inspection was completed. All wind mitigation inspections must be signed by both the inspector and the insured.

Next, consider shopping around for a new insurance carrier. Your local insurance agent can help you identify other carriers in your area that may offer better rates. They can also help you compare policies and coverage options to ensure you get the coverage you need at a price you can afford.

Finally, consider making changes to your policy to reduce your costs. For example, increasing your deductible can lower your premiums, as can bundling your policies. Your local insurance agent can provide you with advice on which changes to make to help you save money while also helping you to understand what your insurance needs actually are. Most HO3 home insurance policies allow policyholders to choose the percentage of the dwelling coverage in contents they prefer to carry.

Some carriers allow only 50 percent, 25 percent or 0. Those are not good choices, but that is what that carrier allows. Some carriers allow anywhere from 10 to 70 percent of the dwelling in contents, and that is useful to know when you are collecting quotes from different carriers, which ones will allow you the flexibility to choose the level of contents coverage that most closely matches what you have in your home.