If you have a home or auto insurance policy (we like you already!), you may have received a Conditional Renewal Notice before your policy was up for renewal.
Answer truthfully – did you actually read it? If not, don’t feel bad. Most people aren’t insurance experts (or, as we affectionately call ourselves sometimes, “geeks”). But Mylo was founded to give insurance shoppers an easy way to cut through the confusion and look out for their best interests.
As an advocate for your financial wellness, we’d like to encourage you to check out your next notice – which is especially important in today’s challenging economy.
You won’t be surprised to hear that the costs of providing home and auto insurance are going up just like gas, groceries and everything else. Record-setting tornados, wildfires and floods are damaging more homes – and post-COVID supply chain issues have made the materials needed to rebuild them a lot pricier. On the road, worse weather and a texting epidemic have meant more accidents. Plus, today’s high-tech cars require high-cost repairs – and legal and medical costs are steeper than ever too.
The result? Some insurance carriers in particularly hard-hit states have either discontinued offering coverage there, declined to take on new customers or made the verification process more difficult.
Mylo is continually seeking out new carriers and coverage options to fill these gaps. But we also want to keep you as informed as possible!
The fact is, even if you already have a home or auto insurance policy, you may not be aware of a cost-cutting move your carrier could be planning to make: adjusting your policy before you renew it. Changes could be in store that will lower its value to you.
Higher premiums: This one is obvious. You may be asked to pay a higher rate than last year.
Higher deductibles: You may be asked to pay more out of pocket before your insurance kicks in if you have to make a claim.
New limits: You may be asked to accept lower payouts for covered risks if you have to make a claim.
New exclusions: You may be asked to give up coverage for specific risks or types of damage that were covered before.
Removal of add-ons: You may have to pay extra for various coverages or services that were part of your package before.
If your carrier is planning to change the terms of your policy before renewing it, they’re legally required to spill the tea in your Conditional Renewal Notice. Although legal requirements vary by state, in most cases, the notice must be:
If you’re a home or auto owner, we recommend you look over your notice and make sure you’re good with any changes you see. Here’s a quick list of some adjustments to look out for.
If you’re shopping for insurance, a licensed Mylo agent will consult with you to find a policy that offers the best value and has your recommended coverage levels. Unfortunately, if you cause a serious accident on the road or in your home and lose a lawsuit, you might have to raid:
Building on 50+ years of expertise, Mylo finds the solution from leading carriers that will help you look out for your home, vehicles and finances.
Do you have coverage that’s up for renewal? Ask us to review your Conditional Renewal Notice!
Mylo’s value to you as an insurance consultant doesn’t end after you purchase a policy from one of our carrier partners. We have an exceptional customer retention rate because we’re here for you through every stage of business and life.
If the expiration date of your policy is nearing, let us review the coverage you’ll be getting in the coming year – and make sure your needs are still being met. We can also help you look out for your overall financial picture and connect you with the best protections if you have more than one vehicle, home or other valuable asset.
Whether you’re shopping for a new auto insurance policy or want to improve on what you have now, we’re here to help with expert guidance and quotes in minutes from leading carriers. We look forward to helping you find the best combination of coverage and price for your needs.