The current global inflation is changing and increasing product and service prices. When dealing with a claim, this may affect the coverage of an already established policy.

Here is an example of how inflation could affect the process of your claim:

Example

Let's say that ten years ago you insured your home for $200,000 to cover the replacement cost in case of loss due to a catastrophic event or fire.
If your home suddenly suffers major damages and you consider the replacement cost, you will notice that the costs of materials and labor have increased substantially.
Plus, with the policy deductible, you soon discover that the insurance doesn't cover the property losses.

How can I take action to ensure that my policy
continues to cover any damage in full?

Avoid surprises in advance of any catastrophic event or emergency by contacting us to review your coverage and provide you with proper guidance.

To contact us, see the options available on our blog post: 4 Ways We Can Help You Manage Your Insurance Policy.

July 8, 2022