Selecting the Right Insurance Company

by May 24, 2015

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Insurance companies desire new customers. Being aware of their objectives can help you find the most comprehensive coverage at a low long term cost.

Here are a few suggestions to follow:

  • Perfect Risk – not every insured is a perfect risk, so pursuing the 15% savings that is so frequently advertised may not be the best option in selecting coverage.
  • Bundling – consider combining your homeowners insurance with your automobile, valuables and umbrella; it can pay double dividends in discounts on your premiums, plus it can help protect against non-renewal if you have a bad run of luck.
  • Coastal – it seems like not even the weatherman can predict the next storm but owning a property on a coastal location (<1 mile from water) will put most insurers in crisis mode. Insurance companies are fleeing the coastline, especially if you fall in a flood zone. First, if you have a coastal property, take a large deductible, insure only for the catastrophe. Second, try to determine if your company is holding their breath, hoping the next storm does not come, or if they are taking steps to be a long-term option. Holding their breath is not a good long term choice project management tracking software. A good place to start is by asking for a company’s financials to see if they are profitable.
  • Small Claims – pay them out of pocket; take a more catastrophic approach to coverage because in this age of computer modeling, every ding is going to increase rates.
  • Annual Payments – in addition to using credit scores for rating policies, insurers are adding charges to the premium for paying in installments. If you cannot pay annually set up an electronic transfer from your bank account to get the same result.
  • Safety Devices – installing safety devices such as fire and burglary alarms, water leak detectors or generators will always give you premium discounts, but more importantly they reduce the likelihood of a claim and also reduce its overall severity.

Selecting the right insurance company and the best strategies will result in a choice of the right coverage with the best long term cost. A bit of an exercise but well worth the effort.

I am certain that there is not a solution that is fair in cost of flood premiums that is also adequate for the exposure, nor is it fair that the flood program continues to be bailed out by the taxpayers. Stay tuned because this is not the end of this story.

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.

May 24, 2015

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