Triple-I: Six Steps to Take When Renewing Auto, Home Insurance

For immediate release
New York Press Office: Michael Barry, 917-923-8245, michaelb@iii.org

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:

• Review your coverages annually: Your insurer will send you annual renewal notices for your auto and homeowners policy. It will list any coverage or premium changes.
• Raise your deductible: A deductible is the amount of loss paid by the consumer before their insurance coverage kicks in. Ask your insurance professional about premium savings resulting from a higher deductible.
• Ask about discounts: Auto insurers offer low-mileage and good student discounts, among others. Home insurers often give consumers discounts if they install certain security systems.
• Make your auto and home more resilient: Theft reduction devices should be reflected in your auto insurance policy and home insurers welcome retrofits which strengthen residences.
• Keep in mind value includes an insurer’s service: An insurer should be judged on factors besides the cost of their policies. Reputable organizations publish online reports chronicling consumer satisfaction with insurers as well as insurer financial strength.
• Avoid going without coverage: If you choose to switch to another insurer, make sure you have continuous insurance coverage during the transition. 

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.

RELATED LINKS:

How to Save Money on Auto Insurance  

How to Find the Right Auto insurance 

Homebuyers Insurance Handbook

12 Ways to Lower your Homeowners Insurance Costs  

How to Save Money on Your Homeowners Insurance