March 03, 2023 | Earthquake | Flood | Hurricane | Insurance Coverage | Risk Mitigation

Navigating Insurance in a Hard Market

Inflation, a rise in natural disasters, and capacity constraints has brought the insurance world to what is known as a ‘Hard Market.’ Here are a few things you can do to help navigate the ‘Hard Market.’

Understand Your Deductible & Compare Options

Take time to understand your deductible. While a high deductible may result in a lower premium, you must pay more out of pocket when you submit a claim.

Research Carriers & Claims Servicers.

Dig into the company’s core values, mission, claims handling track record, and carrier rating to understand what you are paying for. Interested in learning about Boulder Claims? Click here (boulder claims link).

Maintain Your Property

Well-maintained properties, including roofs, systems, and overall premises, will result in more favorable underwriting outcomes and less loss. Make any necessary upgrades if you are in a hurricane or earthquake-prone area.

Work With Your Agent.

Your agent is there to help! Ask your agent to help you determine the best plan for your risk and budget. Work with them to understand your policy.

Review Your Property's Valuation Annually

Inflation has caused the cost of repairing damage to increase. Materials and supplies cost more, and often upgrades are needed to meet new building codes. An accurate valuation is essential to ensure your insurance policy works the way you need it to and that you are fully covered.

Read our ‘Cycles of the Insurace Market’ blog to learn more about what a hard market is and how long it will last.

Don’t forget to download our ‘Inflation’s Impact on Premiums’ Brochure.

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