Levitt-Fuirst’s Personal Insurance Annual Update


Happy New Year!  
To kick off 2023, here is a quick review concerning some important aspects of your personal insurance policies.  

ANY CHANGES TO YOUR PERSONAL INSURANCE? Remember to let us know if you have:
* Transferred any of your properties into Trusts or LLCs
* Acquired new properties,
* Acquired new cars,
* Acquired newboats,
* Acquired newmotorcycles or
* ATVs Purchased
* Acquired or sold any fine arts,
* Acquired or sold any jewelry
* Acquired or sold any collectibles
* Installed a new alarm monitoring device (e.g. water leak detector)
* Added any drivers to your household
* Had a child move out, who took an insured vehicle to a new location
* Taken a defensive driving course  

VACATION HOMES With the increased use of AirBnB type services, insurance companies are concerned about the rental of secondary homes to multiple different short-term tenants. If you are offering a secondary home for short-term rentals, contact us about a special insurance program for this type of exposure.  

NEW PRODUCTS Over the last few years some insurance companies have added optional coverages. Click on any of the links to learn more:  
* Personal Cyber Liability
* Equipment Breakdown Family Protection  

OPTIONAL COVERAGES Click on these links if you want to learn more about these optional coverages:  
* Earthquake / Flood
* Home Employee / Personal Directors & Officers
* Mold
* Valuable Items  

PRICING Renewal premiums are going up significantly for most insurance carriers (10-20% on average). More frequent and severe weather events, combined with more sophisticated, expensive electronics in houses and vehicles are key reasons.     

Personal Premium Increases and Credits  

PAYMENTS   As of January 1, 2021 Levitt-Fuirst no longer provides reminders in the event of past-due payments. Your insurance carrier sends you an invoice; if the invoice is not paid by the due date, the carrier sends you a policy cancelation warning. If you are concerned that you might miss these two separate mailings, we recommend you sign up for automatic electronic payments from your bank account.    If your insurance is canceled for non-payment, we will endeavor to contact you to make sure you are aware, and then we can attempt to get your policy reinstated if desired (but, canceled insurance can lead to uncovered claims and/or premium increases, so make sure to make timely premium payments). Reoccurring cancelations may lead to an inability to reinstate coverage.