Do you think the industry in Mississippi is preparing for more and possible worse natural disasters?
I respectfully disagree with the PolicyGenius article. Mississippi is diligently working to mitigate damage from flooding and wind exposures. Extreme heat is not a concern, because we live in a Coastal region with access to waterways and breeze. Our building codes are strict, and we are building stronger and smarter. Hurricanes are a wildcard, because they are unpredictable, but this is nothing new for our area. Our people and our area are very resilient.
What are insurers recommending property owners do?
The better protected the home, the lower the insurance rates. Insurers are providing policy credits for homeowners adding mitigation for the protection of their property and add credits for the use of smart-devices that provide an early warning alert for water or smoke damage to reduce damage. Central alarms for fire and break-ins also receive credits. A roof that was replaced after Katrina is now considered to be old by the Insurance Companies. Roofs that were promised a 30 year life when installed are failing in record numbers, and Companies offer a steep discount for a new roof. Consumers need to review their policy’s coverage level to confirm they have an adequate replacement cost estimated for their home and that they are insured properly. Aging homes that are not well maintained will pay a higher premium. The Companies providing the lowest rates are requiring tree limbs to be cut back at least 3 feet from the home, handrails on stairs, removal of liability hazards from the property, repair of any existing damage, and in some cases, they are requiring an old roof to be replaced or the deductible could be 5% or higher. Trampolines and vicious dogs are a liability hazard and cost more to insure. Having a good credit history and low number of claims on your record help you get a better rate.
Is it likely we will see an increase in premiums?
Insurance is impacted by global events. With the recent spike in inflation, construction costs, labor costs, lawsuits, and claims expense, we are seeing increased pressure on insurance rates, even for those who did not file a claim. Our Mississippi Insurance Department works well with the Insurance Companies to ensure that they are being treated fairly with adequate rates, and that the Companies are treating Consumers fairly and in compliance with their insurance contracts. Nothing stays the same, and prices for every industry are increasing, but through mitigation, pride of ownership, and a strong supply of insurance companies, consumers have options for their coverage and pricing. Private flood companies are offering coverage in our area. Shopping your insurance every 3 years is a good strategy to be sure you have the best available rate. You don’t want to shop every year, because you will lose out on loyalty credits. Bundling home and auto with the same agency may help. There may also be deductible buy-downs available to assist with the higher deductibles being mandated by the insurance companies.
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, 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…
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