Property Insurance: Preparing Your Renewal
The 2022 catastrophe season is poised to deal a far-reaching blow to a shaky property insurance market already facing multiple pressures. With rising inflation and possible recession, insureds and their brokers will need to get even more strategic to navigate renewals.
The 2023 insurance renewal season already upon us, so we thought it would be helpful to identify some clear steps to get started with effective planning and disciplined execution.
One of these steps is to evaluate your risk tolerance. As a property owner, it’s important for you to understand how much coverage you’re purchasing and how your deductibles impact your liabilities. In some cases, brokers can be complacent about minimum insurance requirements for assets and evaluating creative program structures, such as:
- Deductible buydowns
- Deductible indemnity agreements
- Deductible reimbursement policies (captive)
- Parametric insurance (loss mitigation)
If you have a higher risk tolerance than your coverage reflects, there may be an opportunity to reduce your premiums.
Evaluating your risk tolerance is just one of the seven steps we outline in our latest resource. For the rest, download our latest market alert, Property Insurance: Preparing Your Renewal.
Contact Burnham WGB Insurance Solutions
Navigating your property insurance renewal can be complex, especially in a hard market. We’re here to help. Please feel free to contact the insurance and risk management experts at Burnham WGB for assistance or to get a competitive quote.