Things You Need to Tell Your Insurance Agent

As your insurance provider, it’s crucial that we stay up-to-date with the important changes happening in your life. This ensures that your coverage reflects your current needs and protects the assets you’ve worked hard to acquire. Life is full of exciting moments—whether you’re making new purchases, upgrading your home, or adding valuable possessions to your collection—and these moments should be safeguarded. Here are some key reasons why keeping us informed of changes like these can make all the difference. New Purchases: ATVs, Boats, RVs, and More  If you’ve recently purchased a recreational vehicle like an ATV, boat, or RV, congratulations! These are wonderful investments that bring fun and adventure, but they also introduce new risks. Informing us about these purchases allows us to adjust your policy accordingly. Recreational vehicles often need special coverage, which standard policies might not include. This means we can help ensure you're fully covered if any accidents or unexpected events occur while you're out enjoying your new ride. Valuable Items: Jewelry and Collectibles Whether it’s a new piece of jewelry, a rare art collection, or any other high-value item, it’s important to inform us so we can protect it properly. Many homeowners’ insurance policies have limits on coverage for valuable items. By updating your policy with us, we can make sure your prized possessions are fully covered against theft, loss, or damage. You’ve invested in these items; now let’s invest in their protection. Home Additions and Improvements If you’ve made additions or improvements to your home, such as adding a new room, installing a swimming pool, or upgrading your kitchen, it’s time to review your insurance coverage. These upgrades can increase the value of your home, and if your policy doesn’t reflect that, you could be underinsured. Let us know about any home improvements so we can ensure that your entire property is covered at its full, updated value. Keeping us in the loop allows us to tailor your insurance policy to fit your evolving lifestyle and the assets you want to protect. Don’t wait until an accident or loss happens to find out you’re not fully covered. Schedule a consultation today, and let’s review your policy to make sure it aligns with the changes in your life.

In recent years, many homeowners have faced a steep increase in their property and home insurance premiums. The rising costs have left many wondering why insurance is becoming so expensive and what factors are driving these changes. At Putnam White Lewis Insurance, we aim to provide clear insights into these trends, helping you understand the reasons behind the higher premiums and what you can do to manage them. The Key Factors Driving Up Insurance Costs Increased Claims and Expenses Insurance companies have seen a significant rise in the costs associated with claims and overall expenses. According to the Insurance Information Institute, for every dollar collected in home and auto premiums last year, insurers paid out an average of $1.10 in claims and expenses. This imbalance means that insurance companies are paying out more than they are taking in, which forces them to raise premiums to cover these losses. Inflation and Rising Repair Costs Inflation has had a profound impact on the insurance industry, particularly in terms of the cost of repairs and replacements. The prices of materials and labor have surged, making it more expensive to fix or rebuild homes after damage. Even as general inflation begins to stabilize, the lingering effects on the construction industry mean that insurers still face higher costs, which are passed on to consumers through increased premiums. Natural Disasters and Extreme Weather Another significant factor contributing to higher insurance costs is the increasing frequency and severity of natural disasters. In 2022 alone, the United States experienced over two dozen severe storms, each with billion-dollar price tags. These events are no longer confined to regions traditionally prone to such disasters, like Florida or California, but are affecting a broader swath of the country. As these unpredictable events become more common, insurers must adjust their pricing models to account for the heightened risk. Insurance Industry Dynamics The insurance industry itself also plays a role in rising costs. Insurers have significant pricing power, and while state regulators can sometimes limit price hikes, insurance companies often succeed in implementing their desired rates. This is partly because regulators are wary of pushing insurers too hard, fearing they might withdraw from the market entirely, leaving consumers with fewer options and potentially even higher costs. Navigating the Changes Understanding the factors behind rising insurance premiums can help you make informed decisions about your coverage. While shopping around for the best rates can sometimes yield savings, it's important to recognize that the underlying issues driving up costs are industry-wide. To manage your expenses, consider reviewing your policy with an insurance advisor who can help you adjust your coverage to better fit your needs and budget.  At Putnam White Lewis Insurance, we are committed to helping our clients navigate these challenging times by providing transparent information and personalized service. If you have questions about your policy or are concerned about rising costs, please don't hesitate to reach out. Together, we can find solutions that offer both protection and peace of mind.