LEAD STORY
Maximize Savings on Your Insurance:
Making educated decisions can help you save where it matters most to you by: Brianna Schneider
O
ur insurance rates in mid-Michigan have seen significant increases these past few years with various factors driving rates up. We all have probably noticed an increase in weather events bringing the damaging hail and winds to our commercial buildings, homes and farms. However, these events affect auto insurance as well, in addition to the burdening cost of no-fault and Personal Injury Protection fees collected for the state by insurance carriers. Other components driving rates up include the increase of soft fraud that companies battle against from individuals inflating their claims. Add in the rising cost of repairs due to material costs and labor shortages and you probably can understand why companies have to raise their rates. Beyond the cost to repair the physical damage is the increased potential for a lawsuit. The Michigan Supreme Court overturned the open and obvious doctrine in 2023 which had previously protected business and homeowners from many potential frivolous suits. There are always options to reduce premiums though some are more standard than others; a few to think about are included here. 1. Review your insurance policies with your insurance agent. Clients commonly forget to tell us when they’ve paid off their mortgage, installed a back-up generator or added a whole home security system. All of these items can provide savings potentially. 2. Increase your deductibles or take on more of the risk with educated decisions. You could consider reducing your water back up coverage for example after purchasing water sensors to place near a sump which would alert you of water backing up into your basement. 3. Prevent claims by proactively looking to complete home maintenance particularly trimming back overhanging trees, updating old electrical panels or plugs as needed. 4. Work with an insurance agent who can look at different options on your behalf. Independent
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2025 EDITION SPRING / SUMMER
Brianna Schneider, Principal Agent & Owner, Harry O. Culp Insurance Agency, Grand Ledge
agents work with multiple carriers and can weigh the pros and cons of each carrier for you. 5. Utilize discounts various carriers offer including multi policy discounts, discounts for having your commercial insurance and personal insurance with the same carrier or a discount for being part of an employment group such as a state employee or a teacher. Above all, make educated decisions; only opt for a higher deductible if it is within your budget for example. While price is an important factor, you want to make sure you maintain your insurance with a quality carrier and more importantly work with an agency that values your business, provides excellent turnaround time and claim service when you need it. As I always say, all we sell are promises as insurance agents so we work hard to make sure even our small promises are delivered upon. For more information about maximizing your insurance savings for your business, farm, home or auto contact the Culp Insurance Team at 517-627-8441 or info@culpagency.com. (Sponsored Content)