For immediate release
New York Press Office: Michael Barry, 917-923-8245, email@example.com
NEW YORK, Sept. 14, 2023—Before changing your auto or homeowners insurance policy terms, or your current insurer, consumers should proactively take six steps, according to a newly-published Insurance Information Institute (Triple-I) shopping guide.
“Given how the factors impacting the cost of auto and homeowners insurance are outpacing inflation, consumers should work with their insurance professional to make sure they are getting the right amount of coverage at the right price,” said Sean Kevelighan, CEO, Triple-I. “When your policies come up for renewal, read them and assess whether there are coverage changes which need to be made.”
The six steps to take to meet those objectives, according to Triple-I, are:
Even if you have yet to file a claim, broader trends can impact the price you pay for auto and homeowners insurance, the Triple-I’s Renewal Shopping Guide explains. The increasing frequency and severity of auto accidents, thefts, and other risks (e.g., flood events) influence auto insurance costs in your state. Price surges caused by labor and supply chain shocks can inflate property repair and replacement part costs, affecting auto and homeowners insurance premiums, the online guide adds.
“However, as risks and costs grow, the industry is intensifying its focus on predicting and preventing future damage and losses. Policyholders can do their part by being aware of the risks specific to their property and region and taking preventive measures when possible. Keeping an open dialogue with your insurance professional can further enhance your efforts to protect your investment cost-effectively,” the Triple-I’s guide notes.