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Tag: Smart Coverage Insurance Solutions

Expect to See Surcharges on Your Policy for the L.A. Fires

Expect to See Surcharges on Your Policy for the L.A. Fires

Even if you have a business or a home that was not affected by the recent wildfires in Los Angeles, you will likely see a surcharge to help pay for them on your next property insurance policy renewal. The state-run California FAIR Plan, which is the market of last resort when policyholders are unable to find coverage from private carriers, expects its total loss from...

More Contractors Increase Deductibles to Reduce Insurance Premiums

More Contractors Increase Deductibles to Reduce Insurance Premiums

As construction projects become larger and more complicated, contractors are taking on more of the risk by increasing their builder's risk insurance deductibles, according to a recent report. Michael Cusack, executive vice president of insurance broker Alliant Specialty, told Insurance Business magazine that contractors are willing to take on more of the risk as those that have strong internal risk management regimens will be rewarded with...

Don't Neglect Your Car's Tires; They Are Lifesavers

Don't Neglect Your Car's Tires; They Are Lifesavers

If you own a car you know it's never fun to fork out money to fix things like replacing worn-out parts or parts that break, such as a belt or drive shaft. Maintenance is also part of the package. While some maintenance tasks may not be urgent, there are four items on the car that you should replace when they are worn or damaged: your...

Trends Pushing Auto Insurance Rates Higher

Trends Pushing Auto Insurance Rates Higher

Automobile insurance companies are struggling to keep up with the rising cost of collision insurance claims, and that's forcing them to raise rates at a steady clip. In 2019, the industry paid out $62.6 billion in losses for damage to personal vehicles and $5.4 billion for commercial vehicles. By 2023, those numbers had risen to $95.4 billion and $8.2 billion, respectively. Insurers have responded by...

The Growing Danger of Lithium-Ion Battery Fires

The Growing Danger of Lithium-Ion Battery Fires

Lithium-ion batteries power many of the devices we use every day, but they also pose significant fire risks if mishandled. Fires caused by these batteries in cell phones, laptops, electric vehicles and more are on the rise, and the number of house fires they start is also growing. Lithium-ion batteries are typically contained in devices and are rechargeable, unlike your AA or AAA batteries. While...