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Risk and Insurance from Cohen Miles Insurance Agency

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Risk and Insurance

by Lou Cohen on May 30, 2013

The more risk, the higher the cost; seems to make sense in the insurance world.

What causes insurance carriers to increase premiums or refuse to write a Homeowners or Auto policy?

Here's a brief list:

- Certain breeds of dogs find their way to the prohibited list -  if the particular breed appears on this list, there may be no option to place a policy with a standard carrier and we're forced to use the Mass Fair Plan or a specialty market. 

- Swimming pools with diving boards or slides- depending on the depth of the pool and whether there are surrounding fences protecting the pool, this will determine eligibility of the risk.

- Trampolines- while great fun in the backyard, this risk also causes carriers to do a double take (not a double flip). Some carriers will only consider if there is an attached net surrounding the trampoline.

- Claims in general can affect new or renewal premiums. Most carriers offer loss free credits based on how many years a risk has been claim free. One way to mitigate risk is to carry a higher deductible; you receive credits for doing so and unless the claim exceeds the deductible, there's no reason to file a claim.

When it comes to Auto Insurance, the infamous MA system is well known. While rates are based on many factors, the Mass. SDIP has much to do with individual rates. The more points on your driver's license, the higher the risk and the higher the premium. 99 is the best possible class, followed by 98; anything from 0 on up would be a sign your rates are going to skyrocket.

As always, please call us to help guide you through the insurance process and determine how much risk you're willing to take.


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