Managing Your Personal Insurance 

Regardless of their financial standing or other fiscal protections, people from all walks of life must understand the importance of personal insurance. These loss control measures may be critical investments during your darkest hours, as adequate coverage can protect you from the financial ramifications of various accidents or other incidents.

Unfortunately, market conditions and circumstances often significantly impact your insurance costs, potentially increasing bills despite you not making any changes to your coverage or filing claims against your policies. As you seek to maintain an adequate insurance portfolio while avoiding unnecessary expenses, it can be helpful to understand current market trends and strategies to limit rates.

How to Responsibly Maintain Your Personal Insurance

Although various market conditions outside your control may have contributed to unpleasant increases in your premiums, you cannot afford to cut corners on your insurance. After all, being underinsured or lacking coverage for specific perils could have devastating and far-reaching ramifications for your financial stability and future aspirations. To responsibly manage your insurance portfolio while limiting rate increases, consider the following strategies:

• Regularly review your policies. Your insurance needs are unique and may change constantly. You may require more or less coverage as you add members to your family, move to different locations, acquire additional wealth and assets, and pay off debts. Adjusting details of your policies, such as increasing your deductible, can also help lower rates, although you should be cautious of leaving yourself underinsured just to save on your premiums.
• Reduce risk levels. Your insurance company must account for your personal risk levels and can generally be expected to quote higher rates if they perceive you as more likely to submit a claim. Help your insurers feel comfortable covering you by lowering your perceived risk levels, such as maintaining a safe driving record and upgrading your home with nonflammable materials and security features.
• Research savings opportunities. There may be several ways to keep the same coverage that you’ve had while lowering premiums. For example, bundling several policies, such as homeowners and auto coverage, under the same insurance company can help you enjoy lower rates. Similarly, if you’ve gone an extended period of time without filing a claim against your insurance, you may have earned potential discounts.

We’re Here to Help

Many events and hardships that trigger insurance policies may be out of your control and occur regardless of how you’ve tried to mitigate risks or maintain safety. As such, a versatile and robust insurance portfolio should be considered a necessity.

Contact the dedicated team at Dunton Insurance Agency to learn more about your options and how you can maintain appropriate coverage at ideal rates.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.