In New England, the month of November brings with it a unique set of concerns and preparations, but maybe insurance doesn’t have to be one of them. There are certainly factors that affect insurance this time of year, but awareness is the first step to navigating the next few months. We look forward to being a resource for you during this cheerful but tricky time.
Let’s dive in.
Holiday Factors to Know
Insurance rates can experience noticeable fluctuations around the holiday season, influenced by various factors specific to this time of the year. One primary consideration is the increased risk associated with travel and transportation. During holidays like Christmas, Thanksgiving, and New Year’s, there is a significant spike in travel both domestically and internationally. This increased mobility results in congested roads and higher chances of accidents, prompting auto insurance companies to adjust their rates to mitigate the increased risk. Additionally, holiday travels often involve long distances and potentially challenging weather conditions, further exacerbating the risks.
Home insurance rates also see a shift during the holiday season. The festive period often brings an increase in home burglaries and thefts, as homes are frequently left unoccupied while families travel, or are stocked with expensive gifts. This heightened risk can lead insurance companies to raise premiums temporarily. Moreover, holiday decorations, particularly the use of lights and candles, pose additional fire hazards. Insurers may factor these seasonal risks into their calculations, affecting homeowner’s insurance rates. Homeowners need to review their policies and ensure they have adequate coverage during this high-risk period.
Savings > Surprises
However, it’s not all about increased costs. The holiday season can also present opportunities for savings on insurance rates. Many insurance companies offer discounts and incentives to encourage safe practices. For example, installing a security system can lower the risk of theft and burglary, potentially reducing home insurance rates. Similarly, safe driving discounts might be available for those who avoid accidents and traffic violations during the hectic holiday travel season. Consumers are advised to consult with their insurance providers to understand any changes in their rates and explore available discounts, ensuring they are adequately covered without overpaying.
Contact us to see if there are areas that you can save during this time of year.
Taking Action Ahead of Time is Smart
Do you have your insurance expert on speed dial? We want to bring attention to all of the areas of experience Curtis and the team at J.M. Whitney and Co. bring to the table. For over 70+ years, this family-run business has been well-versed and experienced in Massachusetts-specific insurance, real estate, and commercial real estate acquisitions, management, and insurance. We look forward to becoming your trusted resource. Share our page with friends and loved ones.
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