2017 Organizational Tips for Controlling Future Insurance Costs

by Jan 19, 2017

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Like it or not, the premiums you pay for your Personal Insurance are being developed by computers using reams of data including credit score, premium frequency, and claims.  Having a clear understanding of the data points will help you in controlling your cost both today and into the future.  Here are a few of the important points to consider:

Think large Claims in building your coverage – your insurance coverage should be designed to respond to events that are unexpected and beyond your ability to manage.  Submitting small claims only add to your future costs.  Select your deductible based upon what you are able to handle and save money today in lower costs with higher deductibles and maintain the mindset that small claims will just add cost.

Loss Prevention – steps to reduce the likelihood of a claim or even the severity of a claim are good steps to control future premiums. A central station fire alarm is a critical device that will get you a premium credit, but considering burglary you might consider a Dropcam, or external motion detector, to be bullet proof. Adding a generator for a backup power supply also earns a credit, but more important, it responds to power outage and the corresponding loss. And finally, property maintenance can be critical to avoiding a loss. Trimming over-head trees, cleaning gutters and chimneys are all part of avoiding claims.

Premiums – part of the data that is measured in your handling of your premium payments is how often you pay, and more importantly how often your premiums go overdue!  If at all possible, pay your premiums annually, or if that is too difficult set the premiums up so that when due you get an email reminder of the premium followed by the amount due being automatically paid from your bank account.

Make the agent earn your business – personal insurance, whether home, auto or umbrella should be built to suit your needs. If you have never met your agent, or he/she has never been to your house, it’s likely that you may be overpaying, or your coverage does not properly meet your needs. Having a proactive ongoing dialogue with your agent about your needs and how he/she can meet them is the best recipe for cost control for 2017 and beyond.

Climate change – it is very clear that climate change is real. Frequency of storms is an issue, but what used to be a typical storm has rapidly evolved in intensity. Taking charge of your insurance in the face of climate change will only reinforce that you are properly covered and not overpaying for coverage.

If you have questions email Kyle at or call 203.698.9342.

Written by: Steve Shepard

Founder/Principal, Shepard Insurance Group. At Shepard Insurance Group we begin every relationship with a face to face meeting with the client. In a comprehensive discussion of coverage needs, personal concerns, objectives and finally appetite for risk, we can arrive at the proper insurance solution. Understanding the client is the first step to accurate execution.

January 19, 2017

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