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

Cyber Security Tips For Your Family

mother and little daughter looking together at computer

With more and more people working from home, Cyber Crime has become one of the hottest topics of 2020. Not only are businesses of all sizes being targeted but there has been a sharp uptick in cybercrime against individuals and families. While it’s impossible to completely prevent, there are measures that you can take to mitigate your risk.

Cyber Security Best Practices for Your Family
  1. When setting passwords for your online accounts, use at least 10-15 characters that are complex and include numbers, letters, and symbols.
  2. Use multi-factor authentication for all accounts where this is available.
  3. Never open attachments or click links in emails from senders you do not know.
  4. Never use public Wifi.
  5. Limit posting on social media, especially when on vacation or away for an extended period of time.
  6. Do not allow applications to use geo-location.
  7. Never click “Unsubscribe Me” links on spam and promotional email.
  8. Speak with your insurance broker about what cyber coverage may be available for your family. Many homeowner policies have optional cyber coverage that you can purchase.