Insurance is Changing!

The world is changing at a rate faster than any other point in history. Entire industries built over decades are being disrupted in just a few years by new ways of doing business. On the Personal Insurance front in Southern New England, here are three of the biggest changes in the last five years.

You no longer need a separate wind or hurricane deductible on your home.

In the past, when you bought insurance on your coastal home, most companies required separate deductibles for Wind or Hurricane damage, sometimes up to 5% of a home’s value! On a $500,000 home, that equates to a $25,000 deductible! While some companies still have this requirement, there are many options that allow you to bring that deductible in line with the rest of your policy. Our Partner Companies can provide this coverage without the need for huge storm deductibles!

If you currently have a wind or hurricane deductible and are concerned about the exposure, we can help guide you on what the cost would be to get rid of it – and sometimes that cost is less! Can you afford a $25,000 unexpected cost? Even if you can, can’t you think of a better way to spend it?

Safe Drivers have more ways to save than just their history.

Most insurance companies base their insurance pricing on your past driving record (tickets, accidents etc.), your age and gender, your geography and your credit history. While all companies still look at these factors, you can also save if you are a careful driver. Companies like Progressive now offer tools that track your driving patterns and give you additional discounts for safe driving. My wife and I took this test with Progressive last year and saved over $200 a year because the sensors in our car said we were safe drivers.

Flood Insurance doesn’t need to come from the government!

The National Flood Insurance Program (NFIP) is going through some significant changes, resulting in less subsidy for homeowners and MUCH higher rates. The New England states have turned into the funding mechanism for the New Jersey, Long Island and Southern States flooding. Private flood insurance companies have seen this as an opportunity to write the homes and commercial buildings in New England and California that have become overpriced for flood insurance. These companies, in some cases, are even offering benefits that the NFIP program doesn’t offer, such as coverage for loss of rents on commercial properties and loss of use coverage for homeowners.

If you are questioning if it is time to review your insurance, it probably is! Lathrop Insurance will provide a comprehensive review of all your insurance whether it is a simple personal package or an entire commercial organization. 
Call us at 401.596.2525 to schedule your insurance consultation with a licensed insurance expert anytime.

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