In this episode of Let’s Talk Insurance we speak with guest Matthew McClure, with McClure Plumbing, about smart plumbing! He lets us in on new leak detection technology and preventative measures to take during winter.
As the insurance marketplace undergoes constant transformations, two notable shifts have been the tightening of underwriting standards and rate hikes. As the insurance rates ebb and flow, the question arises: Is switching providers a good idea?
Switching providers in today’s market could actually backfire. Some insurance companies are either going out of business, or have ceased writing new policies due to stricter underwriting.
Loyalty to your carrier in times like these can actually pay off. In this blog, we will explore the reasons behind the increased strictness in underwriting, and the advantages of staying loyal to your current insurance provider.
As underwriting becomes stricter, understanding the driving forces behind these changes will empower policyholders to navigate with awareness.
- Risk Mitigation:
- Insurance companies are facing a multitude of risks, from natural disasters to economic uncertainties. To safeguard their financial stability, insurers have become more meticulous in assessing and mitigating risks associated with policyholders.
- Advancements in Data Analysis:
- Technological advancements have enabled insurers to access and analyze vast amounts of data. With more sophisticated tools, underwriters can make more accurate predictions about an individual’s risk profile, resulting in a more granular and, at times, stricter underwriting process.
- Regulatory Compliance:
- Stricter regulations and compliance requirements within the insurance industry contribute to a more rigorous underwriting process. Compliance with these regulations is paramount for insurers, prompting them to be thorough in their risk assessments.
- Market Competition:
- As competition among insurance providers intensifies, companies seek to maintain profitability while offering competitive rates. Tightening underwriting standards is one way insurers aim to manage risks and control costs.
The benefits of loyalty extend beyond financial considerations, providing stability, familiarity, and peace of mind. Before switching carriers, weigh the benefits of loyalty and consider the value of the enduring relationship you’ve built with your current insurance provider.
- Stability in Rates:
- Loyalty can be rewarded with rate stability. Many insurance companies offer loyalty discounts or price protection, providing a shield against sudden spikes in premiums that new policyholders might face.
- Accumulating Discounts:
- Over time, loyal customers may qualify for various discounts, such as safe driver discounts, bundling incentives, or multi-policy savings. These cumulative benefits can significantly reduce the overall cost of insurance.
- Understanding Your History:
- Long-term relationships with an insurance provider enable them to understand your claims history, driving record, and other relevant factors better. This familiarity can lead to more personalized and accurate coverage, ensuring you get what you need without unnecessary costs.
- Consistent Coverage:
- Loyalty often ensures consistent coverage. If you’ve been satisfied with your current policy, making a switch may introduce uncertainties and potential coverage gaps. Staying with a trusted provider can offer peace of mind and continuity in your coverage.
- Streamlined Processes:
- Familiarity with your insurance provider’s processes can make your life easier. From claims processing to policy adjustments, having an established relationship can streamline these procedures, saving you time and potential headaches.
While challenges may arise, proactive communication with your agent can help you find the right coverage in the evolving market of insurance. And sometimes, the most rewarding journey is the one you take with a trusted partner.
In our podcast with special guest Landon Reeves, you’ll learn about revocable and irrevocable living trusts and the difference between a trust and will. AND why I personally feel, as an insurance agent, this topic is so important.
What is a living trust?
A living trust is a legal document that is used in estate planning to manage and distribute your assets after death. Five common reasons on how you could benefit from a living trust are:
- Avoid probate
- Protect your privacy
- Minimize your estate taxes
- More flexibility and control
- Plan for incapacity
Living Trust vs. Will
Both a living trust and a will are legal documents designed to help protect your assets. But, while a will provides more specific instructions to distribute your property after death, a living trust can allow you to transfer ownership in your lifetime. Depending on the needs of your estate, a will may be sufficient. However, you should take note that many estates can still enter probate court to verify a will, making your property a public record.
If you need help with estate planning, we recommend reaching out to our friend Landon Reeves for a free consultation! Reeves Law Firm, (870) 376-4455, 520 Harrison St, Batesville AR.
To listen to more podcasts check out our page on White River Now.
Let us count the ways for you.
From Arkansas’ Delta to its Ozarks, Farmers offers quality insurance and multiple discounts to all! So, before you get your quote, take a look at the list and see which discounts you may qualify for or even be missing out on.
General
- Multiline discount: save for buying/bundling multiple types of insurance from Farmers.
- Affinity discount: save for being an employee or retired employee from a select number of occupations.
- ePolicy discount: save for receiving all your bills and statements online.
- EFT discount: save if you set up auto-pay for your premium.
- Good payer discount: save if you have not been charged any late payment fees within the past 12 months.
- Pay in full discount: save for paying your entire premium upfront.
- Service men and women – firefighters, police officers, military, etc.
Auto
- Multi Car discount: save for insuring more than one car on the same policy.
- Signal discount: save up to 30% by allowing Farmers to track your driving habits, including distracted driving, braking, and speed.
- Safe driver discount: save if you or another named driver maintain a clean driving record.
- Distant student discount: save if a driver on your policy attends school 100+ miles away from where the car is parked.
- Teen Driver – A teen (19 or younger) child or grandchild of the primary driver may be eligible for a rate discount.
- Good student discount: save if you are 16-24 years old, enrolled full-time in high school or college, and maintain at least a “B” average.
- Shared family car discount: save if there is an unmarried driver younger than 20 on the policy and there are more active drivers than vehicles.
- On your own discount: save if you were previously listed as a named driver on a family member’s Farmers policy.
- Defensive driving discount: if you’re 55 years and older, save for taking an approved defensive driving course.
- Welcome discount: save during your initial first five (5) years.
- Loyalty discount: save after the first renewal effective date of the policy with continual subsequent renewal terms IF the policy has no more than one (1) at-fault chargeable accident of any type within the 12 months prior to the renewal effective date.
- Homing device discount: save if your car has an approved tracking and location system.
- VIN etching discount: save if your car has its vehicle identification number (VIN) etched on the windshield or another approved location.
- Home owner discount – save on auto if you own your own home, regardless of who insures it.
Inclusive Auto Safety Feature Discounts (if your vehicle is equipped with any of the following, they are automatically included)
- Alternative fuel discount: save if your vehicle is a hybrid or electric.
- Antilock brakes discount: save if your car has factory-installed antilock brakes.
- Anti-theft discount: save for having an anti-theft device.
- Passive restraint discount: save for having factory-installed passive restraint devices like motorized seatbelts.
- Daytime running lights discount: save if a covered vehicle has headlights that stay on at all times.
Home/Renters
- Welcome discount: save during your initial first two (2) years.
- Loyalty discount: save if you have been insured with Farmers for at least two (2) years and had no more than one (1) chargeable claim in the previous two (2) years.
- Have a security system or fire alarm: You may also qualify for discounts when you install an approved electronic security system or fire alarm.
- Renters transitioning to homeownership discount – save on a new homeowners policy by having a renters policy in place prior to your new purchase.
- Don’t smoke: Farmers offers special incentives for households that have been smoke-free for at least two consecutive years.
Call us today and let us see if we can help you save! 870.793.5757
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