Why are rates so high?

Have you  noticed your insurance rates are climbing faster than your neighbor’s lawn gnome collection? You're not alone! Let’s break down the mystery of rising premiums !

Why Are Rates Rising?

1.      Claims Experience: When insurers pay out more than they take in, they raise rates. Think of it as a party where everyone eats the snacks but no one brings chips—eventually, the host has to stock up.

2.      Economic Conditions: Inflation is like that friend who always borrows money but never pays you back. As costs go up, so do premiums. Repairs and medical bills are getting pricey, folks!

3.      Regulatory Environment: Each state has its own rules, like a game of insurance Monopoly. Just when you think you’re winning, someone lands on Boardwalk and raises your rent!

4.      Market Competition: Sometimes, everyone raises their rates at once, making it feel like a synchronized swimming competition—only with premiums instead of swimsuits.

The Agency’s Role

Here’s the kicker: insurance agencies don’t set these rates. They’re like the middlemen in a game of telephone—helpful but not in charge. They can guide you to the best deals, but they can’t magically lower your premiums (if only!).

Conclusion

While rising insurance rates can feel like being stuck in traffic, understanding the “how’s” and “whys” can ease the frustration. So, keep your sense of humor, and remember: even we at Barrows Insurance are just as baffled as you are!!

How Can Businesses Get Insurance Discounts?

In addition to combining policies together in either a business owners policy or commercial package policy, there are several other ways for businesses to lower their insurance premiums. Insurance companies sometimes offer discounts for:

     ● Paying policy premiums in full

     ● Installing security systems on property and buildings

     ● Requiring drivers to have commercial driver’s licenses

     ● Implementing employees safety programs

     ● Being in business for a minimum amount of time

     ● Remaining claims-free for a certain period

Obviously, the exact discounts that a business can take advantage of depend on what coverages the business is purchasing.

Finding policies through an independent insurance agent can also help businesses save money on the coverages they need. Independent agents are free to compare policies from multiple insurers, finding the policies that offer the best coverage at an affordable price.

Give us a call and see what a family owned business can do for you. Barrows Insurance Agency helps businesses find coverage option that protects you, your family, and personal property along with your business.

From new policies, renewals or claims, we are here every step of the way. See the difference a local agent can provide.

We have two locations to choose from:

Mansfield Office: Ph. (508) 339-7260

Foxboro Office : Ph. (508) 543-1101

What You Need To Know About Investment/Rental Property Insurance

Investment/Rental Property Insurance, What You Need To Know!

If you own an investment property, you should make sure that you carry adequate insurance coverage. Accidents may occur and ultimately cause damage to your investment property. If you do not have the necessary insurance, you will be responsible for the full financial cost.

Owning an investment property brings with it a large degree of liability. In addition to the building itself, you may be responsible for injuries received by others while they are on your property. You could also be held responsible for damage to their belongings.

Types of Properties Include:

  1. Commercial Property

  2. Vacant Property & Land

  3. Rental

  4. Commercial Investment

  5. Residential Investment

Barrows Insurance Agency helps you find coverage options that protect you, your family, personal property and your business. From new policies, renewals or claims, we are here to walk beside you every step of the way.

Let us help make sure you’re properly covered. See the difference a local agent can provide. We are here to help with two locations to choose from:

Mansfield Office: Ph. (508) 339-7260 & Foxboro Office : Ph. (508) 543-1101

How Independent Agents Are Different from Captive Agents

When it comes to buying insurance, you have two primary options available to you: independent agents like us, and captive agents. While both can provide insurance services, these two types of insurance agents are not the same and it's important to understand the differences.

1.Captive Insurance Agents

A captive agent works for a single insurance company, either as an employee of that company or as an independent contractor. This means that a captive insurance agent will be limited to the specific insurance products offered by that particular company, so they won't be able to help you if you need a type of insurance they don't offer, or shop around to find the best deals on the market.

Keep in minds that the insurance company may also try and sell certain products, so there is no guarantee that you are truly getting what is best for you and not just what is best for the company.

2.Independent Insurance Agents

An independent agent is not controlled by any one insurance company and instead works with multiple insurers. What does this mean to you? This means independent agents have access to all of the insurance products and services offered by the companies they represent. They are not handcuffed to only one company.

As a result, it's often the case that an independent agent will be able to help you with all of the products you need, even if those products come from multiple insurance companies.

One of the perks is if you need to file a claim. We understand that sometimes it’s not always cut and dry, we’ll walk with you and work on your behalf throughout the process. We are always available to answer questions and we can regularly review your policy to ensure it is still the best possible fit for you.

Give us a call and see why Barrows Insurance Agency is your trusted advisor for all of your insurance needs.

EVERYTHING YOU NEED TO KNOW ABOUT HURRICANE PREPAREDNESS TIPS.

Keep your home and family ahead of any hurricane. Anyone looking for the best ways to prepare for a severe weather event are advised to make emergency plans. With the help of our partner, The Andover Companies, we are sharing preparedness tips for the hurricane season: ADV-018_Hurricane_Prep_Flyer_r3_8.19.21 (emma-assets.s3.amazonaws.com)

BBQ Season is here!

With BBQ season upon us, it’s important to follow some basic safety precautions when cooking outdoors.

- Make sure your grill is in a well-ventilated area. Building an open flame and choking out the oxygen around it could easily lead to a house fire.

- Avoid using anything other than natural wood or charcoal to fuel your BBQ, and never use lighter fluid or gasoline in place of either of these fuels.

- When grilling your food, it’s best to only turn the grill to medium-high heat. High heat can easily lead to burnt meat, and low heat can lead to the meat drying out and falling off the bone.

- Be sure that no one is near your BBQ while you are cooking! If conditions outside are concerning, make sure that all of your BBQ equipment is tied down. This includes anything on the sides of your BBQ as well as storage containers if you have any.

- Use a meat thermometer if you’re unsure of whether or not your food is done!

- Try to keep an eye on the fire. If it starts to die down, add more natural wood or charcoal. If the fire is raging out of control and winds up engulfing your BBQ, use a hose or bucket of water to put it out.

- Never leave your BBQ unattended until it has completely cooled off and all embers are absent.

 

Enjoy your summer and know we are always ready to help with any question or need you may have.

The team at Barrows Insurance Agency.

Jet Ski & Watercraft Season is Here! Make Sure Your Covered for Fun.

Do you have a Jet ski or a watercraft that you’re planning on enjoying this summer? Some boats or smaller watercraft may even be covered under your current homeowners’ policy. The size, type and value of your jet ski or personal watercraft will be part of the determining factors in evaluating your Insurance needs.

Below is a list some of the many coverages that we can offer:

·       Physical Damage Coverage

o   Adding this coverage to your policy protects your boat while in storage and during transport.

o   This covers your boat as well when out of the water, including but not limited to: fire, lightning, vandalism or theft.

o   You can also obtain emergency service reimbursement for expenses related to towing, labor or supplies.

·       Liability Coverage

o   This coverage will assist you in the event of a collision with another boat, dock or other boaters.

·       Personal Liability

o   Protecting you or family member if you have an accident that causes injury to another person.

·       Medical Payments

o   Covering medical expenses if you or someone in your boat is involved in an accident.

·       Property Damage

o   Damage that may be caused to another person’s property while operating your watercraft.

We always evaluate our customers jet ski or watercraft insurance needs to find special coverages you may need or any discounts you may qualify for.

Some additional discounts and coverages may include:

·       Accident forgiveness

·       Roadside Assistance

·       Boat Removal

·       Boating Safety

·       Multi policy discounts

Barrows Insurance Agency offers a wide variety of coverages and options for your jet ski or personal watercraft. Give us a call, we help find the best jet ski and watercraft insurance policies and options that are right for you.

Boating Season – Coverage You Need

Boat Insurance Guide: Costs & Coverage

When it comes to your boat, it’s often best to separate your boat insurance from your homeowner's policy. Many homeowners’ policies limit or don’t cover marine-specific risks, such as salvage work, wreck removal, pollution or environmental damage; but there are exceptions.

While homeowners’ riders are normally adequate for these boats, be careful to ask the same questions you’d ask any other insurer about damages to your vessel and how they will be paid. Also, most homeowner’s insurance riders apply only to use in inland waterways, lakes and rivers. Coverage seldom extends outside a coastal inlet or along the beach. If you plan to boat “outside the inlet” you definitely need an experienced marine insurer.

You want to consider the following to make sure the policy you purchase meets your needs:

·       Age of Boat

·       Length

·       Value

·       Speed/Horsepower

·       Condition (Does it meet US Coast Guard Standards in effect at the time it was built?)

·       Primary residence (If the boat is used as a primary residence)

·       Type (Inboard, Outboard, utility, cruiser, bass boat, saltwater fishing boat, performance boat)

·       Homemade (Boats without a serial number are tricky but many kits are okay)

·       Houseboats with no motor

·       Ownership (more than 2 owners)

·       Where it will operate (Ocean, lakes, bays, rivers, Great Lakes)

Kinds of Boat Insurance Policies Barrows Insurance Agency offers

Marine insurance covers a wide array of watercraft. You may be surprised to find what can be insured. Marine insurance policies include:

·       Boat

·       Personal Watercraft (PWC)

·       Yacht - generally, vessels 26' and smaller are called "boats,” and "yachts" are 27' and larger.

o   Yacht coverage tends to be broader and more specialized because larger boats travel farther and have more unique exposures.

·       Sailboat

·       Dinghy

·       Boat & PWC Rental - Although this is generally not required, rental insurance will help cover any damage the vessel, as well as the operator and passengers.

·       Boat Clubs - covers all members of club while operating a boat.

·       Professional (ProAngler, Fishing Guides & Charters)

o   These policies are very customizable and can cover items like travel to a tournament, equipment and more.

How much you’ll pay for boat insurance depends on the level of insurance coverage you want, as well as the size, horsepower, type and value of your boat.

You can choose your deductible, which is the amount deducted from your insurance check if you make a claim. A typical policy has deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments, according to the Insurance Information Institute. Liability claims against you do not have a deductible.

Barrows Insurance Agency offer a variety of ways to save money, including discounts for:

·       Having a diesel-powered boat.

·       Not having made a previous boat insurance claim.

·       Carrying other policies, such as car or homeowners, with the same insurer.

·       Taking safety courses.

Our specialized business agents will guide you on the different types of coverage that fits your needs.

Your RV Home Needs Love Too – Protect Your Investment

RVs offer a great option for vacationers to maintain social distance while traveling and play double duty as a transportation and accommodation vehicle.  But RVs can be expensive and protecting your investment with the right insurance is critical.  When insuring an RV, pay close attention to liability coverage.  Generally, only an RV insurance policy will cover liability for a motorhome. You may want to consider an umbrella policy if you have a large nest egg to protect. 

When it comes to accidents, actual cash value is the standard, which will pay up to what the RV was worth at the time of the accident.  You may also consider additional coverage that applies for a hotel stay if the RV needs repairs and you are unable to be in it. At Nationwide, a standard policy runs about $100 per year for a pop-up camper and more than $1500 per year for a luxury motorhome.

The good news is that the contents inside an RV are generally protected under a Homeowners or Renters insurance policy at lower limits 😊. Of course, the cost of insurance varies.  You need an agent that is familiar with RV insurance and can customize your RV coverage with the best options for you and your family.

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Commercial Umbrella Insurance, Added Coverage When It Matters!

Most of us are familiar with Residential Umbrella Insurance.  Commercial Umbrella Insurance provides businesses with added liability coverage when claims exceed the limits of certain primary insurance policies, such as general liability or commercial auto.

Think of umbrella insurance as a backup for business liability policies that you already have. When a claim exceeds your primary policy's limit, you can apply your umbrella coverage to the amount still owed on the claim.

Usually, umbrella coverage can be applied to claims made on these types of liability insurance policies:

·     General liability insurance

·     Commercial auto / Hired and non-owned auto insurance

·     Employer's liability insurance

This is what sets umbrella insurance apart from most policies.  It is only useful when your liability policies have reached their limits. It is like a reserve policy that fills in any gaps if a claim exceeds your other policy limits.

Be sure to discuss with our agents the best type of umbrella insurance you need.  Also, depending on your policy, you may have to make a separate claim on your umbrella policy, depending on whether its coverage responds automatically. If it isn’t automatic, you may have to file two claims: one on the initial underlying policy and one on the umbrella policy.

Keep in mind that many different types of businesses can benefit from the additional coverage and protection that umbrella insurance provides. Businesses that should consider purchasing this coverage include:

·     Consulting

·     Food and beverage

·     Healthcare professionals

·     Home-based businesses

·     Insurance professionals

·     Nonprofits

·     Personal care

·     Photo and video

·     Retail

·     Technology / IT

Our specialized business agents will guide you on the different types of umbrella coverage that your business may need so you know what to expect from your policy.

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Protect Your Home From Mother Nature’s Frenzy!

It’s no surprise that the Pandemic and the Presidential Election dominated the news in 2020, but Mother Nature also had a say. Across the U.S., National disasters left more than $95 billion in damages, with homeowners and businesses bearing the brunt of the cost.

Flooding is the most common natural disaster in the United States. If most of your wealth is tied up in your house, you may be risking financial ruin without having adequate flood insurance coverage. Flood insurance covers losses directly resulting from flooding or flood-related erosion caused by heavy or prolonged rain, snow melt, coastal storm surges, blocked storm drainage systems, levee dam failure and similar events.

Many homeowners have misconceptions of what exactly their insurance policy covers.  For instance, no standard homeowners policy covers flooding.  Homeowners can purchase additional coverage for flood insurance from the Federal Government or a private insurer like Barrows Insurance Agency.

Things to know:

1.    The Government’s National Flood Insurance Program (NFIP) provides up to $250,000 of dwelling coverage and up to $100,000 of contents coverage.

2.    The cost of an NFIP policy varies, depending on the risk, but averages about $700 a year.

3.    A policy from a private insurer averages $1050 a year.

4.    However, a private policy could cost you less than an NFIP policy

Remember, you want to have enough coverage to help you rebuild if your home gets damaged by a flood.  Our specialized agents can help you compare options with flood insurance so when panic sets in, you know you are covered!

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Preparing for hurricanes and tropical storms!

Make sure that you're not only prepping your home, but also your business

Keeping our customers and employees safe is our #1 priority! These instructions will show you how to get everything ready for hurricanes and tropical storms including:

• Listening to weather advisories
• Continuity planning
• Emergency planning for family members and employees
• Stocking emergency supplies
• Remove any loose outdoor items that can blow around and can cause damage to home/businesses.
• Creating an evacuation plan or shelter-in-place plan, and more.

It is vital to understand your home and businesses vulnerability to storm surge, flooding, and wind. Here is your checklist of things to do BEFORE hurricane seasons begins.

  • Know your zone: Do you live near the Gulf or Atlantic Coasts? Find out if you live in a hurricane evacuation area by contacting your local government/emergency management office or by checking the evacuation site website.

  • Put Together an Emergency Kit: Put together a basic emergency. Check emergency equipment, such as flashlights, generators and storm shutters.

  • Write or review your Family Emergency Plan: Before an emergency happens, sit down with your family or close friends and decide how you will get in contact with each other, where you will go, and what you will do in an emergency. Keep a copy of this plan in your emergency supplies kit or another safe place where you can access it in the event of a disaster. Start at the Ready.Gov emergency plan webpage.

  • Review Your Insurance Policies: Review your insurance policies to ensure that you have adequate coverage for your home and personal property.

  • Understand NWS forecast products, especially the meaning of NWS watches and warnings.

  • Preparation tips for your home from the Federal Alliance for Safe Homes

  • Preparation Tips for those with Chronic Illnesses

Stay Safe!

New RMV Guidelines

RMV Update- The RMV is encouraging all residents who have an expiring license and need a REAL ID to renew online for a standard license. They will wave the fee to "upgrade" to a REAL ID License as long as you apply before August 12, 2020 and visit the RMV after January 2021 to submit the paperwork for a REAL ID. Federal REAL ID requirements take effect on October 1, 2021. Visit www.mass.gov/rmv for more information.