HOW DO NATURAL DISASTERS AFFECT INSURANCE RATES?

IMPORTANT INSURANCE TIPS

The increase in both frequency and severity of natural disasters in recent years will have a broad impact on the insurance market. Although events, like the California wildfires and East Coast hurricanes, are regional, they affect the overall pricing of insurance worldwide.

Insurance companies use a portion of premiums to buy coverage from other insurers, known as reinsurance, to protect themselves from catastrophic events. The heightened risk of events like wildfire, flood and hurricanes, will cause reinsurance rates to skyrocket which will likely result in increased rates for homeowner and flood insurance. 

Here are a few tips on how to lessen the risk of having your car stolen:

1. Think of your insurance policies to cover large claims and, if possible, try to pay for smaller damage out-of-pocket. Frequent claims, even smaller ones, can lead to increased premiums.

2. Save on your premiums up-front by taking a higher deductible and put the savings in a fund to pay for small losses.

3. Consider adding protective devices to your home that will mitigate loss and reduce your insurance premiums. For example, adding an automatic water shut-off valve to your water main will prevent a large water damage loss and save 5% or more on your homeowner rates.

4. Review your policies with your insurance broker so you understand your coverage, deductibles and look for areas where you may be able to reduce your costs while maintaining comprehensive coverage.

For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com

BE AWARE OF RECENT VEHICLE THEFTS

IMPORTANT INSURANCE TIPS

Over the past few months we have seen a sharp increase of cars being stolen. This seems to be occurring not only here on the East End but in the tri-state area in general.

Here are a few tips on how to lessen the risk of having your car stolen:

1. If you have a garage at your home, get into the habit of parking the car in the garage overnight instead of leaving it in the driveway or parked on the street.

2. Lock your car and do not leave the keys in the car overnight. Leaving the car unlocked with keys in it could result in the denial of an insurance claim in the event of a theft.

3. Speak with your neighbors and be on the alert for strangers in the neighborhood, particularly at night.

4. Read the owner’s manual for your car to understand what security features and potential tracking device your car may have.

5. Speak with your local police department and ask if there has been an increased frequency of auto thefts in your area. 6. Speak with your insurance broker and understand what coverage your automobile policy provides.

For more information contact: 
Christopher F. McDonald | Amaden Gay Agencies
P.O. Box 5004 | 11 Gay Road | East Hampton, NY 11937 | P 631.324.0041 ext. 341 | F 631.324.0671 | cmcdonald@amadengay.com