The increase in both frequency and severity of natural disasters in recent years is having a broad impact on the insurance market. Although events, like wildfires in California and Colorado and hurricanes in Florida, are regional, they affect the overall pricing of insurance across the country.

Insurance companies purchase reinsurance from other insurers to protect themselves from catastrophic events. The heightened risk of events like wildfire, flood and hurricanes cause reinsurance rates to skyrocket which ultimately result in higher homeowner and flood insurance rates for the consumer.

Here are a few tips on how to manage your insurance premiums:

1. Think of your insurance policies to cover large, catastrophic claims and, if possible, try to pay for smaller damage out-of-pocket. Frequent claims, even smaller ones, can lead to a premium increase or policy cancellation.  

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 give you a discount on your homeowner premium.

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

5. Consider packaging your homeowner policy with other insurance policies such as auto, valuables and/or umbrella to receive companion policy credits.

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 |



With the 2023 Hurricane Season under way, we would like to remind you of the importance of having flood insurance.

Even if you’re not in a hazardous flood zone or close to a body of water, your home can still be vulnerable to significant flood damage, particularly if you have a finished basement.

Flood insurance covers damage from water entering your home from the ground level outside. Almost every house has some level of flood risk from “surface runoff water,” or pooling caused by heavy rain which can get into your home.

Most homeowner policies exclude coverage for the peril of flood so a separate flood policy is necessary to protect your home and property.

Here is more information and steps you can take to help protect your home from flood damage:

1. Be aware of what flood zone your home is in. If you’re unsure, visit our website at for a free Flood Zone Analysis.

2. Consult with to gauge the likelihood of your home suffering damage from flood and other perils.

3. FEMA requires a 30-day waiting period to obtain flood coverage so purchase a flood policy now and don’t wait until a storm is approaching.

4. In addition to FEMA’s flood policies, other options are available through private insurance carriers that can offer better protection for your home.

5. Clean your gutters and drains regularly, direct all down spouts away from the foundation of your home.

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 |