Nicole Southwick Insurance Agency

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Happy Holidays! We wish you a Happy Holiday Season and a Peaceful and Prosperous New Year!

Nicole Southwick Insurance Agency

Turning the page on 2023 may mean your insurance is about to renew. That’s a good time to do a quick coverage review and make sure you’re getting all of your discounts. I can help.

Has your heating and cooling system ever broken down? Have you experienced a phone or security system meltdown? When critical equipment breaks down, you know that means your business can, too. Let’s talk about coverage that can help you repair or replace equipment damaged by a power surge, storm and other incidents.

Ahhh, autumn leaves. They blaze, they amaze. And then they fall and gum up your gutters, just in time for the rain and snow. Cleaning clogged gutters now can help prevent damage to your roof and home this season.

Life insurance isn’t just for older generations. In fact, getting coverage earlier in life can be more affordable than you may think. Don’t delay helping to protect your family’s financial future. Let’s talk today about your options.

It’s the season for expensive gadgets to get lost, misplaced or worse. If your kid’s backpack is stuffed with high-tech gear — laptop, tablet, cell phone — let’s talk about what may be covered by your home insurance policy (even if it disappears at school).

PSA: I hope that you find the below information useful, and I hope that it helps explain what is happening in the insurance world today. It won’t matter what carrier you are with, this is an industry issue.

The insurance marketplace is tightening up and it's happening fast. It’s happening especially fast for home and auto insurance companies. This is regardless of what state you are in, however California, Florida, Louisiana and Texas are being hit especially hard. Carriers are pulling a full hard stop on issuing any new policies across the country, and carriers that have NOT put a moratorium on binding new coverage, are actually just leaving the market or they are selling to other carriers/merging. They simply can't operate profitably in this inflationary market. *EVERY DAY* we are hearing about a pause on new business, or a carrier putting a full stop on writing new policies. Some carriers are requiring *full premium payment* up front for new business or requiring a 20 to 30 day hold on new applications. Carriers may shift underwriting guidelines, so they *only* want preferred business… no claims within 5 years (not 3 anymore), home and auto bundles, etc. Some carriers will NOT reinstate coverage if it lapses, no matter the reason.
The market is disrupted and it WILL affect you. If it hasn’t yet, it will. I have personally seen premiums double and triple what they were the year before.

The cost of claims has risen exponentially in the past 2 years, thus resulting in the carriers having to raise premiums or pull out of some markets. In some states, carriers have applied for rate increases, but have not been able to get them approved, so they simply shut down for new business.

If you have an auto or home insurance policy, your rates have gone up, and if they haven’t, they will. This isn't personal, it’s not based on a claim you may or may have not had, it’s simply the cost of doing business. If you have *not* gotten a rate increase, be prepared for one at your next renewal, if you get renewal terms at all.

➡️The cost to rebuild your home is up dramatically due to the rising cost of materials and labor. Supply chain for materials continues to be an issue. We can all agree that everything has gone up in price. Carriers simply can’t survive paying these higher prices without charging more themselves.

➡️The cost to repair your car is up dramatically due to the rising cost of auto parts and labor to fix your car. In addition, parts in vehicles now include some technology features. Replacing a side mirror or windshield used to be $500 - now it’s more than triple that.

➡️The cost of medical care continues to skyrocket. Bodily injury on auto accidents is off the charts.

➡️Litigation is expensive and settlements are rising at an unprecedented rate.

➡️Both the frequency and severity of auto accidents are WAY up post COVID along with the rising frequency of auto fatalities.

➡️ReInsurance (the insurance your insurance carrier buys to help cushion catastrophic loss) is at or approaching capacity in many markets, and rising rates are unsustainable.

This is a significant issue affecting the property & casualty industry, and pricing correction is anticipated at least through 2024. It won’t be for forever, but it is here now.

There are some things you can do to help get through this current insurance market:

✅ Consider Higher Deductibles. This will help save some money on your policy.
✅ Safe Driving Telematic Programs. Telematics can reward you by giving you a discount for good driving.
✅ Discount Reviews - make sure you're getting everything you're entitled to. Every carrier has different discount opportunities. Make sure you go over those with your agent.
✅ DO NOT let your policy cancel or lapse *for any reason*. Carriers are not reinstating coverage as easily as they once did. If it does cancel, they may require premium in full before reinstating. This is across the board for every line of coverage.
✅ Bundle your Auto and Home for more discounts and more stable pricing. Bundled/Packaged policies most always include better coverage and benefits and the cost savings is usually 10-15% (or more) on each policy. Many business risks can also bundle options.
✅ Follow the laws so you don’t get any tickets. Those tickets really add rate to your policy and stay on your record 3-5 years, depending on the carrier.
✅ Absorb small claims when you're able, and save coverage for catastrophic losses. Talk with your agent and let them claims counsel you should a loss happen. Stop using your towing or roadside assistance as a maintenance policy. Frequency of claims REALLY matters. A lot.
Lastly, please remember that we are agents for the carriers. We don’t make the rules, we don’t have control over the rates and we don’t make the decision if your policy is cancelled by the carriers. We are here to help educate, make sure you have the best insurance for your situation, manage your account with the carrier, and claims counsel when needed. We are doing our best to manage carrier changes with client needs.

I hope this message explains a little bit of what is going on in the insurance marketplace. Please be nice to your insurance agent - they are also taking the same increases, navigating carrier changes and doing their best to help you through this.

From bikes to laptops, your kid’s gear is a key ingredient in their success. Let’s talk about whether their belongings are covered under your home insurance policy if they’re stolen or damaged — or how to get additional coverage if they’re not.

New and existing homeowners may benefit from having life insurance, but what kind of policy might be best depends on your circumstances. Ultimately, as a homeowner, your decision to get life insurance should be based on your financial objectives. Read the blog to learn more.

Should homeowners consider life insurance? : Farmers Insurance® New and existing homeowners may benefit from having life insurance, but what policy might be best depends on individual circumstances.

How does umbrella insurance work? It’s extra insurance that provides coverage and financial protection beyond the limits of your home or auto policies. And it follows you wherever you go. Questions? Call me anytime.

Whether you’re captaining a catamaran or a high-tech tow sports boat, let’s talk about Farmers®️ specialty policy tiers, ranging from standard coverage to policies that can provide coverage for you outside U.S. waters.

You won’t get the day off for National Insurance Awareness Day (sorry!), but it’s a good time to review your policies — home, auto, Life or business — to see if you have the coverage you want and check available discounts. Let’s schedule a call today!

Build the knowledge and tools needed to build long-term wealth through Real Estate investments.
This workshop will dive into how to build your first million-dollar portfolio and cash flow.
~Register today! Spread the word to family and friends.

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Without them, we’d be nowhere. A very special thank-you to all of the hard-working, big-loving, make-it-all-better moms (especially mine!) today.

Strong storms with large hail and strong winds moved through the state on May 09 and 10, causing damage to homes, businesses, and autos. The Catastrophe Response Team has deployed adjusters to the area to ensure fast response for our customers. Give us a call to report a claim or to check the status of a previously filed claim.

Reviewing your insurance coverage is like sneaking a peek in the mirror: You want to be sure you’re covered. Has it been a while since your last check-in? Give us a call

As a sponsor, I have a few free tickets to give away. This workshop will dive into business & consumer credit, budget planning, and creating short, mid, and long-term streams of cash flow. It’s all about cash flow

Financial Focus & Restart in 2023- WEALTH BUILDING EDITION This will be the first step to learning how to create a life of financial freedom and for many of us to break the poverty loop!

April is National Distracted Driving Awareness month. Driving takes focus, give it the attention it deserves. Here’s a friendly reminder to always drive distraction-free.

Three simple ways you can help make your home a safe haven: Install motion-sensor lights outside, upgrade sliding glass doors and windows, and add deadbolts to doors.

Show your valentine you love them with something that lasts longer than a box of chocolates. Let’s chat today about how life insurance can serve as a lasting gift of love.

Remember New Year’s? Those resolutions? Keep up the good work — and don’t forget the one about making sure your insurance policies are up to date.

February is Black History Month. Celebrate with us and our community this month, and every month.

Zoom! The year sure went by fast. Did it bring a new baby? A new car? Even a new TV? Make sure your policy still meets your needs going into 2023. Give me a call and we can run a quick review.

Happy Lunar New Year to all who celebrate! We hope you have a wonderful year of the rabbit.

The best things come in small boxes. Or big ones, for that matter. Either way, your valuables — think jewelry, electronics and collectibles — may need separate insurance. I can help you figure that out.

Turning the page on 2022 may mean your home insurance is about to renew. That’s a good time to do a quick coverage review and make sure you’re getting all of your discounts. I can help.

When the snow piles up, remember that just four feet of the fluffy stuff can stress the average roof. Clearing it off with a roof rake can help you protect your home.

Happy Holidays from Farmers®.

You could be missing out on hundreds in savings. Let’s chat about how switching your home insurance to Farmers could help you save.