SouthGroup Gulf Coast - Your Trusted Choice

Wednesday, July 3, 2024

Insurance Rate Increases – It’s Nothing Personal

I often hear “Why did my rate increase? I have never filed a claim!” Insurance rates are determined through a complex process that takes various factors into account. The factors range from personal information such as age, gender, marital status, and occupation; your claims history including frequency and severity. Any claim, even if withdrawn and $0 paid, will detrimentally impact your premium for 5 years, so BEFORE you file a claim, make sure your damage exceeds your deductible, or you will receive no claim settlement, and your rate will still be impacted. Once a claim is initiated there is great expense borne by the insurance company for mobilizing adjusters and preparing the extensive documentation required for a settlement, so even if zero if paid there is an extreme cost.

Another variable impacting rates is sufficiency of coverage – if your limits are not correct then your rate for coverage is calculated at a higher factor than if you have adequate coverage, therefore, you may pay a lower premium overall in the short-run, but in the long run you will not have enough protection, and it would only have cost a little more to be insured correctly; Another major factor is proximity to disaster zones such as weather, crime, or heavy traffic. Many components are outside of your control but impact your rate such as inflation, global events, regional disasters or legislative changes that do not impact you personally, but will cause your rate to be higher. Factors vary between insurance types and different insurance companies may weigh them differently. It's always a good idea to shop around and compare quotes from multiple insurers to find the best rates for your specific needs.

Reviewing your insurance policy each year is a wise decision. Please be sure you share changes in your life with your insurance agent, such as marriage, divorce, children, a new home, or started a business. Check for new discounts, additional coverage options, or better terms that may be available to you. Another area to confirm is your coverage adequacy: Do you have more valuable assets requiring additional coverage, or have you downsized reducing the need for certain types of coverage? Will your coverage allow you to rebuild your structure and replace your contents? Might be time for a coverage increase.

Insurance provides peace of mind, knowing that you have financial protection in case of unforeseen circumstances. It's always a good idea to carefully read and understand your insurance policy, so you know what is covered and what steps to take when filing a claim.

Angelyn Treutel Zeringue is President of SouthGroup Insurance Services, a CPA, PWCAM, CBIA, and licensed Trusted Choice Insurance Agent. Reach Angelyn at www.southgroupgulfcoast.com, (228) 385-1177, or azeringue@southgroup.net.

Your Trusted Choice Insurance Agent, SouthGroup Insurance Gulf Coast wants you to know you can call on us with your questions or concerns seeking more helpful advice or answers to your pressing insurance questions. A full insurance review is always your best bet to make sure you have all of the adequate coverage for your personal insurance needs. Remember, we offer a personalized insurance review to anyone who is interested at no charge – just visit any one of our convenient locations!

To help you through the maze of coverages, carriers, premiums, and find ways to save money on your insurance, if you are on the Gulf Coast, contact your Trusted Choice agent, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com/ , SERVICE TEAM: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Melissa Dunn, Alex Treutel, Anne Gillam, Mark Strickland, Joseph Eagle, Michael Scardino, Melinda Teaford, Wendy Butler, Gabriella Scardino and Brittany Eagle at SouthGroup Gulf Coast. You can reach us by snail-mail: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgroupgulfcoast.com, phone or text:228-466-4498 or 228-385-1177, fax:888-415-8922, FaceBook www.facebook.com/southgroup.gulfcoast , or Twitter www.twitter.com/atreutel ! We now have more locations to serve you - 2505 Pass Road - Biloxi and 412 Hwy 90 Ste 6-Bay Saint Louis, MS.

We offer the following Lines of Coverage: Workers Compensation, Auto, Home, Life, Health, Disability, Motorcycle, Boat, Wind, Flood, Commercial Property, General Liability, Directors and Officers Liability, Bonds, Group and Individual Life/Health/Dental/Disability/ Vision/Long Term Care, Business Owners, Builders Risk, Commercial Crime, Errors and Omissions, Dwelling Fire, Commercial Flood, Group Accident, Garage Dealers, Inland Marine, Law Enforcement Liability, Pollution Liability, Professional Liability, Personal Umbrella, Commercial Fire, Commercial Umbrella, Excess Flood, Identity Theft, more…

We serve Mississippi, Louisiana, Alabama, Florida, and many other states. We specialize in coastal exposures.
Insurance is stressful, but we make saving easy. We help you save money on insurance!
#trustedchoice #southgroup
#southgroup @stateauto @libertymutual @TRV_insurance @safecoinsurance @progressive #savemoney @atreutel

Tuesday, June 4, 2024

Insurance Woes & How to Win in the Hard Market

They call it the Hard Market. Consumers and businesses alike are feeling the pain and challenge of placing insurance in our Coastal area. Several carriers have pulled out of the market completely, and some homeowners and businesses have had their policies suddenly cancelled and are struggling to adequately cover their properties at an affordable rate. What on earth has happened???

1. High risk and frequency of natural disasters: Coastal regions are prone to natural disasters such as hurricanes, floods, and earthquakes. Insurance companies perceive these areas as high-risk zones, leading to higher premiums and deductibles. Some insurance providers may even refuse to provide coverage altogether.

2. Limited availability of insurers: Due to the increased risk, many insurance companies limit their coverage or withdraw from coastal regions. This limited market competition can result in higher prices and fewer options for consumers.

3. Limited coverage options: Insurance companies may offer limited coverage options in coastal regions, especially for specific perils like flood or wind damage. This can leave individuals and businesses vulnerable to financial losses if they experience damage from uncovered perils.

4. Increased premiums and deductibles: Insurance premiums and deductibles tend to be higher in coastal regions due to the increased risk. This can make coverage less affordable for some individuals and businesses, leading to a lack of adequate protection. Higher inflation and construction costs and repair costs put further pressure to increase rates and required coverage levels.

5. Coverage exclusions: Insurance policies for coastal regions often contain exclusions or limitations for certain perils, such as storm surge or coastal erosion. These exclusions can leave policyholders with significant gaps in coverage.

To address these challenges, it is important for individuals and businesses in coastal regions to shop around with knowledgeable local insurance experts. They can help you navigate the insurance landscape, identify suitable coverage options, and find ways to mitigate risks. Additionally, investing in risk reduction measures, such as a new roof, and implementing storm-resistant building features like impact glass can help reduce insurance costs and increase your chances of obtaining coverage. Other discounts may be available for a centrally monitored alarm, being in the military or being a first responder, installing smart home devices, and more. Ask about available discounts.

Monday, May 6, 2024

Renter's Insurance Can Save Your Assets

Apartment living is great with close neighbors and shared amenities. But there are still risk exposures you should understand, so you may protect yourself and your belongings. When you don’t own your home, you may not think about insurance. Your landlord is probably insuring their asset, which is the actual structure you are renting, but your landlord will not insure not your property inside. Your contents are your responsibility to insure. Also, in most cases, you are the liable party if someone is injured at your rented residence. The average renter’s fire policy ranges from $30-50 per month. And if you think about it, it’s something you can’t afford NOT to have!

Why do you need renter’s insurance? Kitchen fires cause damage, and one wall away there could be a kitchen flareup and in moments your home could be on fire! Water dripping from the light fixture above your head while you’re brushing your teeth could be the neighbor above you with their tub overflowing. What possessions of yours could be damaged because of this?

Bad things happen to responsible people every day. Renters Insurance can protect you from terrible incidents such as fire and water damage and weather and more. Coverage for clothing, furniture, appliances, and computers is an important part of why you should have this insurance. Also, in today’s litigious society, you need to be protected in the event you find yourself legally responsible for someone who may have been at your residence or for damage you may cause, even if the damage was accidental. You need protection if something happens in your apartment that detrimentally impacts other apartments. A renter’s insurance policy can offer you that kind of protection at a very reasonable price.

Take a few moments to do a quick inventory of your belongings. Don’t do it in your mind, but physically go around and list the items you possess. Every fork, every sock, every DVD and everything in between. Can you afford to replace all of this yourself? Many people don’t realize how quickly this adds up. The average renter has $50,000 in personal belongings at stake.

Now consider your valuable items such as your fine jewelry, art, collectibles and even your car. Renter’s insurance doesn’t protect your car from collisions or comprehensive claims, but it does protect items for theft that you may be carrying in your vehicle. Suppose a door to door salesman comes to your residence on a rainy day and slips on your wet doorstep and is injured. The injured party decides to sue you for medical expenses. Is this your landlord’s problem or is it your problem? If you didn’t have a proper rug in place to prevent slips, and you didn’t dry the step after a hard rain to prevent slips, you could be considered the at -fault party in such a lawsuit. Can you afford to pay $5,000 for his medical bills? You may not have that kind of cash on hand, but your assets could add up to that much. How much coverage do YOU need?

Angelyn Treutel Zeringue is President of SouthGroup Insurance Services, a CPA, PWCAM, CBIA, and licensed Trusted Choice Insurance Agent. Reach Angelyn at www.southgroupgulfcoast.com, (228) 385-1177, or azeringue@southgroup.net.

Thursday, April 4, 2024

Protect Your Business with Risk Management and the Right Insurance

A successful business requires a leader with an entrepreneurial spirit. Operating your business each day demands attention to your competition, the economy, legal exposure, compliance requirements, weather catastrophes, personnel issues and more. Your business is unique, and you must review each area of exposure so you understand how to manage your worst case scenario.

As an example, a retail shop needs a strategy in place to protect property from crime and weather events and needs to reduce liability exposure for injuries on the premises or while traveling. But a contractor must also be concerned with equipment breakdown, OSHA requirements, personnel safety, and quality of work. Restaurants need to worry about food preparation and client experience. Most industries now must address the impacts of cyber liability. Many exposures can be reduced or mitigated by planning ahead and by providing an insurance backstop for the largest exposures of property loss or lawsuits for injuries or other legal actions.

General liability insurance covers third-party claims for injuries to other people. This coverage does not insure “your work”.
Commercial property insurance covers loss or damage to your business property due to fires, storms, or other causes.
Commercial vehicle insurance covers commercial vehicles and drivers for collision, liability, property damage, personal injury, and comprehensive coverage.
Workers' compensation covers your employees if they get ill or injured while working on the job.
Professional liability and malpractice insurance protects against loss due to negligence, wrongful acts, “your work” or advice that leads to another person’s loss or injury.

By implementing strong risk management strategies, your business will be more attractive to the insurance industry. This leads to more options for your coverages and lower rates. Most insurance carriers provide inspection and risk assessment services that will keep you better protected. Some insurance increases may be inevitable due to the global nature of pricing, but by keeping your business the best it can be, you will always benefit from the best available pricing on your insurance.

As you grow your business, your risk exposure changes. You may have increased assets, inventory, operations or staff. Be sure you adjust your Risk Management Plan and your insurance coverages accordingly to ensure you are properly protected.

Angelyn Treutel Zeringue is President of SouthGroup Insurance Services, a CPA, PWCAM, CBIA, and licensed Trusted Choice Insurance Agent. Reach Angelyn at www.southgroupgulfcoast.com, (228) 385-1177, or azeringue@southgroup.net.

Monday, March 4, 2024

PROPERTY MAINTENANCE CAN HELP YOU SAVE ON YOUR INSURANCE!

Having your property well maintained will help you save money on your insurance. Many new companies are now in our coastal area and offer better pricing, but the companies are very strict on the homes they will insure. Many insurance companies will send an insurance inspector or require a self-inspection where you send in pictures of specific areas of your home to document the condition and any problems areas. This helps in the event of a claim because the current condition is documented, and the company may more easily determine the extent of the damage, since they will have a before and after audit file. This also assists with risk management to possibly avoid insurance claims.

Insurance companies desire property which is free from liability hazards. A liability hazard is “an accident waiting to happen”. You will find insurance companies asking more questions about your pets and any history of biting. A swimming pool without proper fencing or not in proper working order could allow for injuries. Likewise, if you allow excessive debris to pile up, this could attract rodents or become a fire hazard. Lawsuits abound from accidents occurring from a trampoline, so many companies do not allow them at all. Your property should not have any existing damage or condition issues on the exterior or interior, decks and porches. Any dry rot or plumbing leaks lead to more damage. Mold or algae on siding is unsightly and should be pressure-washed off. Clogged gutters cause extensive home damage, so get those cleared annually.

In our area with the high probability of severe winds, many companies require tree limbs within 3 feet of the home or large trees close to the home be cut back for the protection of the structure. Excessive foliage growth and overgrown shrubs around the home should be periodically trimmed back so the insurance companies can visibly see that you care about your property and its condition and appearance.. Most companies require the crawl space under a home to be enclosed with lattice or some other material to prevent debris from accumulating under the home which could become a fire exposure. So many people fall off of stairs leading to lawsuits, that if you have more than 3 stairs leading to your property entry, the insurance company will require a handrail be installed to reduce the risk.

Many insurance discounts are available if you have installed wind or flood mitigation on your property. Be sure you provide pictures of a new roof, impact glass, or working shutters to your insurance agent for any available discounts. Tankless water heaters result in fewer water overflows, and your insurance company may offer a discount. Contact your insurance agent to discuss other ways to protect your property.

Angelyn Treutel Zeringue is President of SouthGroup Insurance Services, a CPA, PWCAM, CBIA, and licensed Trusted Choice Insurance Agent. Reach Angelyn at www.southgroupgulfcoast.com, (228) 385-1177, or azeringue@southgroup.net.

Monday, February 5, 2024

Almost anywhere it rains, it can flood. I often hear people say that it could never flood where they are, and I have learned to never say never. Areas that never flooded before have been flooding due to nearby developments or natural/man-made changes in the geographic area. Even if you live in an area of that you think isn’t at risk, preparation is just as critical as with other types of exposures.

Flood damage is typically not covered by your business property insurance, homeowners or renters insurance. There are specialized flood insurance programs offered by FEMA and many private companies to assist with repairs and replacing your structure or contents due to damage caused by rising water. Depending on your proximity to a water source such as a river or tidal waters, your rate could be high unless you mitigate the possibility of damage.

When you allow water to pass through the foundation or ground floor by the use of venting, you reduce the possibility of structural damage by relieving hydrostatic water pressure. Elevated structures and elevated home equipment, such as air conditioners and generators, are more protected from rising water. Land grading, storm drains, and cleared gutters help to divert water from around your structure.

Flooding will cause emotional stress along with physical hazards, so be mindful of the well-being of you and your family during the aftermath. Floodwater is often contaminated by oil, gasoline or sewage, not to mention displaced animals, so avoid contact as much as possible. Make sure your city’s water supply is safe to drink. Boil-orders may be issued.

If you don’t have flood insurance, contact a local insurance agent to obtain it, as there are waiting periods before coverage becomes effective. Be sure to plan ahead, and never let your insurance coverage lapse. There are penalties for losing your coverage, and your rate could increase by thousands per year to replace the coverage. Yesterday, I assisted someone who had lost their coverage and they had been paying $900, and now the rate is over $3000 for the same coverage level. The flood insurance premium is based on your specific property including the distance from a body of water, the type and frequency of historical flooding in your area, the elevation of the lowest floor of your structure, and the estimated replacement cost of your building. Each building needs to be insured separately in most cases.

Flooding is one of the most common hazards in the U.S. Being prepared for any emergency is crucial for the safety of you and your family. Don’t be caught off guard!

To help you through the maze of coverages, carriers, premiums, and find ways to save money on your insurance, if you are on the Gulf Coast, contact your Trusted Choice agent, SouthGroup-Gulf Coast http://www.southgroupgulfcoast.com/ , SERVICE TEAM: Angelyn Treutel Zeringue, Tammy Garfield, Tammy Hogue, Melissa Dunn, Alex Treutel, Anne Gillam, Mark Strickland, Joseph Eagle, Michael Scardino, Melinda Teaford, Wendy Butler, Gabriella Scardino and Brittany Eagle at SouthGroup Gulf Coast. You can reach us by snail-mail: 412 Hwy 90, Suite 6, Bay St Louis MS 39520, email: info@southgroupgulfcoast.com, phone or text:228-466-4498 or 228-385-1177, fax:888-415-8922, FaceBook www.facebook.com/southgroup.gulfcoast , or Twitter www.twitter.com/atreutel ! We now have more locations to serve you - 2505 Pass Road - Biloxi and 412 Hwy 90 Ste 6-Bay Saint Louis, MS.

We offer the following Lines of Coverage: Workers Compensation, Auto, Home, Life, Health, Disability, Motorcycle, Boat, Wind, Flood, Commercial Property, General Liability, Directors and Officers Liability, Bonds, Group and Individual Life/Health/Dental/Disability/ Vision/Long Term Care, Business Owners, Builders Risk, Commercial Crime, Errors and Omissions, Dwelling Fire, Commercial Flood, Group Accident, Garage Dealers, Inland Marine, Law Enforcement Liability, Pollution Liability, Professional Liability, Personal Umbrella, Commercial Fire, Commercial Umbrella, Excess Flood, Identity Theft, more…

We serve Mississippi, Louisiana, Alabama, Florida, and many other states. We specialize in coastal exposures.
Insurance is stressful, but we make saving easy. We help you save money on insurance!
#trustedchoice #southgroup
#southgroup @stateauto @libertymutual @TRV_insurance @safecoinsurance @progressive #savemoney @atreutel

Thursday, January 4, 2024

Top 5 Things To Know About Your Business Insurance

Having the right insurance in place is a key to your company's success. It helps protect your profits by protecting you from sudden, catastrophic expenses, like after a natural disaster or a major lawsuit.

#5 What is a Business Owner’s Policy?

A business owner’s policy or “BOP” is insurance coverage designed specifically for small or medium-sized businesses. A BOP combines several types of insurance coverage in a packaged format, and can be customized to suit a particular business.

#4 Does Insurance Cover Lawsuits Brought Against Your Business?

Business insurance will cover legal expense from lawsuit up to your liability insurance policy limit. To be sure that enough liability coverage is in place for extreme circumstances lover $1 million in damages, many businesses buy a commercial umbrella liability policy. Certain liability exclusions also apply, such as if an injury or damage was expected, or was caused intentionally. Most policies also have something called a “workmanship” exclusion, and some exclude coverage of punitive damages, so you may need Errors & Omission Coverage for “your work”.

#3 What Types of Business Insurance Do I Need For My Business?

Each Business is different and depending on your operations, you may be legally obligated to carry certain coverages. In addition, the following types of business insurance should be considered essential:

General liability: Coverage against accidents, injuries and negligence

Product liability: Coverage against product defects

Professional liability: Covers professionals against malpractice, negligence or errors

Commercial property: Covers damage to your business property, such as fire or a severe storm

Business interruption: Protects your business if you are no longer able to conduct your operations because of a loss

Home-based business: Covers general and/or professional liability.

#2 Is Business Insurance Tax Deductible?

Business insurance is tax deductible, as long as the coverage is for the purpose of operating a business, profession, or a trade.

#1 How Does Business Insurance Work?

Business insurance is a contract between an insurance company and a business. The insurance company agrees to share the risk with the business entity in exchange for premium payments. In the event of a covered loss, the insurance company pays for the financial losses the business incurs up to the limit of the policy after the deductible amount is paid by the business filing a claim.

At the time of a loss, the business will file a claim, and an adjuster will assess the damage and process the claim settlement based on the terms of the policy contract.

#southgroup @stateauto @libertymutual @TRV_insurance @safecoinsurance @progressive #savemoney @atreutel

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