KMG Insurance Agency

There is further proof that the Insurance Market is currently in a HARD market, but what does that mean?
• There is an upswing in the market, due to premiums increasing and capacity for most types of insurance decreasing. Basically, supply and demand economics.

Why are we in this market?
• This type of market can be caused by a number of factors, including falling investment returns for insurers or frequency in severity of losses by insurers or regulatory intervention deemed to be against the interests of insurers. Currently, the market is experiencing all three of these factors.

So, what can you do as a Consumer?
• Think about your insurance renewal ahead of time and seek a free review from an independent agent.

• Understand your Deductibles and Coverages to make informed decisions. Many “cost savings” cut coverages, which can cost you more in the long run.

•Ensure your current coverages are accurate with property values and claim benefits. This should be reviewed annually.

Maintain your property. Good property conditions, including roofs, systems, and overall premises, can help with favorable underwriting outcomes and often ensure less loss in events.

If you think you may have a claim, discuss with your agent FIRST! This can help you avoid having non-paid claims on your insurance record. These types of claims can count against you, and in some cases, disqualify you in looking to change carriers.

At KMG, we are here to help navigate the complexity of insurance, so you are protected and understand what coverages you have.

Sources: International Risk Institute, ICAT, Deloitte

The insurance market is in what the industry refers to as a “hard market”. So, what does this mean?

It’s been said that we haven’t seen one quite like this; with inflation, high numbers of losses (storms, freezes, wildfires) and continued supply chain issues. This situation is resulting in increased rates across the board, stricter eligibility guidelines and some carriers issuing a moratorium on new policies in certain zip codes/types. Some carriers are also increasing deductibles, shortening terms for auto policies, and recommending Actual Cash Value (ACV) for roofs.

These can be very costly to you as a consumer. We are here to help.

Fortunately, as an independent agency, we have a variety of carriers to resource for these situations. While we cannot always “save” your money, we do often balance your policies and provide better coverages in key areas.

If you find yourself facing these challenges, please let us know and we can get together for a free, no-obligation review of your policies. We’ll even spring for the coffee!

Unexpected Guests this Thanksgiving?

We hope not, but if your home suffers major damage, or is a total loss, in an unforeseen event, your current insurance policy may not provide enough coverage. Estimates are that two out of every three homes in America are under insured by an average of 22% and in some cases as much as 60%.

Now’s the time to double-check your home’s policy value. At KMG, we’re happy to help you with a free, no-obligation quote on your home.

Happy Independence Day! Home of the free, because of the brave!