The Importance of Reviewing Your Insurance Policy Annually 📋

Insurance is one of those things most of us set and forget. Once the policy is signed, the premiums are paid, and the paperwork is filed away, it’s easy to assume everything is handled. But life changes—and so should your insurance.

Conducting an annual review of your insurance policies isn’t just a good habit—it’s essential for making sure you’re protected, not overpaying, and always getting the best value.

Let’s explore why reviewing your insurance each year can lead to better coverage, real savings, and greater peace of mind. ✅

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1. Your Life Changes—So Should Your Policy 🔄

A lot can happen in a year:

• Got married? 💍

• Moved into a new home? 🏠

• Bought a car? 🚙

• Had a baby? 👶

• Started working from home? 💻

Each of these milestones can impact your insurance needs.

For example:

• Homeowners insurance should reflect upgrades, renovations, or added valuables.

• Auto insurance may need updating if your driving habits have changed.

• Life insurance should be reevaluated after any big family or financial change.

📅 An annual review ensures your coverage grows with your life—not behind it.

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2. You Might Be Missing Out on Better Options 

The insurance market is always changing—new products, better rates, improved coverage. What worked last year may not be the best fit today.

During a review, you or your agent can:

• Compare your current policy to new offers

• Explore bundling (home + auto = 💸 savings!)

• Adjust deductibles or limits for better coverage

📈 Staying informed = staying ahead.

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3. Premiums Change—Don’t Get Caught Off Guard 

Your premium can go up or down due to:

• 🚦 Driving history

• 🧾 Claim activity

• 💳 Credit score

• 📈 Inflation or market changes

By reviewing your policy:

• You might spot unnecessary fees or outdated info

• You could unlock new discounts for safe driving, home security, loyalty, etc.

• You can clean up old coverages you don’t need anymore

🎯 Bottom line: Review = potential savings and clarity.

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4. Laws and Regulations Change Too ⚖️

Insurance rules aren’t set in stone. Every year, state and federal changes could affect:

• Minimum coverage levels

• Tax deductibility (especially for health or life insurance)

• Policy exclusions or limitations

An annual review keeps you:

• ✅ Legally compliant

• 🧠 Well-informed

• 📊 Prepared for any financial or legal shifts

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5. You’ll Understand Your Coverage Better 

Let’s be honest: most of us don’t know exactly what our insurance covers (or doesn’t).

Ask yourself:

• What’s my deductible?

• What are my coverage limits?

• What’s excluded?

• How do I file a claim if needed?

🎓 A review is a perfect chance to learn—and ask questions while you’re not in a crisis.

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6. It Takes Little Time—But Has Big Benefits ⏳➡️💰

An insurance review often takes less than an hour. You can do it:

• 📞 Over the phone with your agent

• 💻 Online through your provider’s dashboard

• ☕ Even casually over coffee with a trusted advisor

For a small-time investment, you get:

• 🔐 Updated protection

• 💸 Potential savings

• 😌 Peace of mind

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✅ Final Thoughts: A Little Effort = Big Protection

Your life isn’t static, and your insurance shouldn’t be either. By reviewing your policy once a year, you make sure you’re:

• Covered for what matters most

• Not overpaying for things you don’t need

• Prepared for the unexpected

So go ahead—📅 set that annual reminder. Make it part of your fall checklist or New Year routine. Your future self will thank you.

You can experience the benefits of being a part of a full serviced independent insurance Agency today! Simply contact Briggs Agency, Inc. if you are interested in an insurance review at 219-769-4840 or visit our website at www.BriggsAgency.com. We look forward to hearing from you!

Blog post written by: Zachary Pelke

🛡️ Insurance FAQs: Quick Answers to Common Questions

Let’s face it—insurance can be confusing. Whether it’s car, home, health, or life insurance, the fine print can make your head spin. That’s why we’ve compiled a list of the most frequently asked insurance questions—along with clear, simple answers. ✅

Ready to demystify insurance? Let’s go! 🚀

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1️⃣ What is insurance, really?

Insurance is a contract (a policy) where you pay a company (called the insurer) a fee (called a premium), and in return, they agree to help cover certain losses or damages.

📦 Think of it as a safety net for the “what ifs” in life.

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2️⃣ Why do I need insurance?

Because life happens. 💥 Insurance protects you financially in case of:

• 🚗 Car accidents

• 🏡 Property damage

• 🤒 Medical emergencies

• 💀 Unexpected death

• 🛫 Travel issues

Without insurance, you could end up paying everything out of pocket. Ouch.

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3️⃣ What types of insurance should I have?

Here are the big ones:

• 🚗 Auto Insurance – Required by law in most places.

• 🏠 Home or Renters Insurance – Protects your home or belongings.

• 💊 Health Insurance – Helps pay for medical care.

• 💼 Life Insurance – Supports your loved ones if you pass away.

• 🧳 Travel Insurance – Covers trip cancellations, lost bags, etc.

The right mix depends on your life situation.

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4️⃣ What’s a deductible?

A deductible is the amount you pay out of pocket before your insurance kicks in. 💸

Example: If your car repair is $2,000 and your deductible is $500, you pay $500 and the insurance covers $1,500.

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5️⃣ What affects my insurance premium?

Your premium is what you pay (monthly or yearly). It depends on:

• 🔢 Age

• 📍 Location

• 🚗 Driving record

• 🏥 Health status

• 💼 Job or lifestyle risks

Basically, the riskier you are to insure, the more you’ll pay.

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6️⃣ What’s the difference between term and whole life insurance?

• 🕒 Term Life: Covers you for a set time (10, 20, 30 years). Cheaper.

• ♾️ Whole Life: Covers you forever and builds cash value. Pricier, but comes with benefits.

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7️⃣ Can I switch insurance companies?

Absolutely! 🔄 If you find better coverage or a lower rate, you can switch—just make sure there’s no gap in coverage.

Tip: Don’t cancel your old policy until the new one is active. ☝️

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8️⃣ What’s not covered by insurance?

Every policy has exclusions. Common ones include:

• 🚫 Intentional damage

• 🚫 Wear and tear

• 🚫 Certain natural disasters (like floods or earthquakes—check your policy!)

Always read the fine print. 🧐

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9️⃣ How do I file a claim?

Most insurers let you file:

• 📱 Online or through an app

• ☎️ By phone

• 📝 With a form

You’ll need details like what happened, when, and supporting documents (photos, receipts, etc.).

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🔟 When should I update my policy?

Update your insurance when your life changes:

• 💍 Getting married

• 👶 Having a baby

• 🏠 Buying a home

• 🚘 Getting a new car

• 💼 Changing jobs

Your needs evolve—so should your coverage.

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🎉 Final Thoughts

Insurance isn’t just paperwork—it’s peace of mind. Whether you’re just starting out or reviewing your current policies, knowing the basics helps you stay protected and save money.

Got more questions? Drop them in the comments below or reach out to a licensed agent.

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Stay safe, stay smart, stay insured. 🛡️

You can experience the benefits of being a part of a full-serviced Independent Insurance Agency today! Simply contact Briggs Agency, Inc. if you are interested in an insurance review at 219-769-4840 or visit our website at www.BriggsAgency.com. We look forward to hearing from you!

Blog post written by: Zachary Pelke

📦 Understanding Business Owner’s Policy (BOP): What’s Included?

Running a small business comes with a lot of hustles—and a little bit of risk. Whether you’re selling cupcakes, managing a consulting firm, or running an online store, you want to protect what you’ve worked so hard to build. That’s where a Business Owner’s Policy, or BOP, comes in.

Think of a BOP as a bundle of protection designed just for small and medium-sized business owners. It combines several essential types of insurance into one neat package—saving you time, money, and a whole lot of headaches.

Let’s break it down. 🎯

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🧰 What Is a Business Owner’s Policy (BOP)?

A Business Owner’s Policy is a bundle of different types of insurance commonly needed by small businesses. Instead of buying each policy separately, a BOP groups them together—usually at a discounted rate.

It’s like getting a meal combo at your favorite restaurant. You could order each item separately but bundling it saves money and effort.

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🧩 What’s Included in a BOP?

Most standard BOPs come with three core components:

1. Property Insurance 🏢

This protects your building and business property—like equipment, inventory, furniture, and signage—against damage or loss from:

• Fire

• Theft

• Vandalism

• Storms (excluding floods or earthquakes)

✅ Example: If a fire damages your office, this coverage helps pay for repairs and replacing lost property.

🔍 Note: You don’t need to own the building to benefit. If you rent, the contents and upgrades you make are covered too.

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2. General Liability Insurance ⚖️

This covers legal costs if your business is sued for things like:

• Bodily injury (e.g., a customer slips and falls in your store)

• Property damage (e.g., you accidentally damage a client’s laptop)

• Advertising injury (e.g., you’re accused of copyright infringement)

✅ Example: A customer trips on a loose rug in your boutique and breaks their wrist. General liability covers medical expenses and legal fees.

📢 Important: It does not cover employee injuries (you’ll need workers’ comp for that).

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3. Business Interruption Insurance 🛑

Also called “Business Income Insurance,” this coverage helps you recover lost income if your business is temporarily shut down due to a covered event (like a fire or major storm).

It can help pay for:

• Lost revenue

• Rent/mortgage payments

• Employee wages

• Temporary relocation costs

✅ Example: If a fire forces your restaurant to close for two weeks, this policy helps cover your lost income and rent during that period.

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➕ Optional Add-Ons (Endorsements)

Many insurers allow you to customize your BOP with additional coverages, including:

• Cyber Liability 🧑‍💻 – Protects against data breaches and cyberattacks

• Professional Liability (Errors & Omissions) – Covers service-based mistakes

• Equipment Breakdown – Covers repairs or replacements due to mechanical issues

• Employee Dishonesty – Protects against theft or fraud by staff

• Commercial Auto 🚗 – If your business uses vehicles

• Hired/Non-Owned Auto – For employees using personal vehicles for business

📌 Tip: Work with an insurance agent or broker to tailor your BOP to your specific business needs.

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🎯 Who Needs a BOP?

If you’re a small or medium-sized business owner, there’s a good chance a BOP is right for you—especially if you:

• Have a physical location (even if it’s a home office)

• Own business property or inventory

• Interact with customers or clients in person

• Want affordable, bundled protection

Industries that often benefit from BOPs include:

• Retail stores

• Restaurants & cafes

• Freelancers & consultants

• Wholesalers

• Beauty salons

• Contractors

• Small manufacturers

• Tech startups

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💰 Benefits of a BOP

Let’s talk perks! 🎁

✅ Cost-Effective

Bundling coverage is typically cheaper than buying separate policies.

✅ Simplicity

One policy, one premium, one renewal date. Easy.

✅ Customizable

Add what you need, skip what you don’t.

✅ Peace of Mind

Focus on growing your business—not worrying about “what if” disasters.

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🚧 What’s NOT Covered?

A BOP is great—but it doesn’t cover everything. You may still need:

• Workers’ Compensation

• Commercial Auto Insurance

• Professional Liability (if not added)

• Flood or Earthquake Insurance

• Health or Life Insurance

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📝 Final Thoughts

A Business Owner’s Policy is an excellent starting point for small business insurance. It wraps key protections into a single, streamlined package that’s both practical and affordable. It won’t cover every possible risk, but it offers a solid foundation for most small businesses.

Before choosing a BOP, ask yourself:

• What are my biggest business risks?

• Do I need additional coverage?

• Am I getting the best value?

With the right BOP in place, you can spend less time worrying—and more time doing what you love: running your business. 🚀

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📞 Need Help Choosing a BOP?

Work with a licensed insurance agent who understands small businesses. They can help you customize a plan that fits your needs, your budget, and your peace of mind.

You can experience the benefits of being a part of a full-serviced, Independent Insurance Agency today! Simply contact Briggs Agency, Inc. if you are interested in an insurance review at 219-769-4840 or visit our website at www.BriggsAgency.com. We look forwards to hearing from you!

Blog post written by: Zachary Pelke

🧠 Understanding Co-Insurance and Its Impact on Your Policy

Know what you’re really paying for—before the bill arrives.

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When it comes to health insurance—or any insurance, really—most of us think we’re covered after the deductible. But then… co-insurance enters the chat.

So, what is co-insurance, why does it exist, and how does it affect your wallet when a claim is filed? This post breaks it down, step by step, so you don’t get stuck with surprise costs or confusing fine print.

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💡 What Is Co-Insurance?

Co-insurance is your share of the cost for a covered service after you’ve met your deductible.

Think of it as a cost-sharing agreement between you and your insurance provider.

Here’s the standard structure:

• You pay a percentage of the cost of a covered service.

• Your insurance pays the rest.

Co-insurance usually kicks in after your deductible is met and continues until you hit your out-of-pocket maximum.

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🧾 Co-Insurance in Action: A Quick Example

Let’s say:

• Your plan includes 20% co-insurance

• Your deductible is $1,500

• Your out-of-pocket max is $6,000

• You get a medical procedure that costs $5,000

Step-by-step cost breakdown:

1. You pay your $1,500 deductible first.

2. That leaves $3,500 in remaining charges.

3. You pay 20% of $3,500 = $700 (your co-insurance).

4. Insurance covers the remaining 80% = $2,800

✅ Total out-of-pocket for this claim: $2,200
(That’s $1,500 deductible + $700 co-insurance)

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🆚 Co-Insurance vs. Co-Pay: What’s the Difference?

Many people mix these two up—and it’s easy to see why.

In short: co-pays are fixed, co-insurance is flexible (and potentially more expensive).

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🏥 Where Co-Insurance Matters Most

Understanding co-insurance is critical in high-cost medical scenarios, such as:

• Hospital stays

• Surgeries

• Diagnostic imaging (like MRIs)

• Emergency care

• Specialty drugs

The higher the cost of care, the more significant your co-insurance payment could be. That’s why it’s essential to check your plan details and know your financial exposure.

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🔄 Co-Insurance in Other Types of Insurance

While we usually talk about co-insurance in health insurance, it also appears in:

🏢 Property Insurance:

• Co-insurance ensures policyholders insure their property to an adequate value.

• If you underinsure, you may face penalties at claim time.

📦 Example (Commercial Property):

You insure your building for $400,000, but it’s worth $800,000. Your policy requires 80% co-insurance ($640,000 minimum). In the event of a loss, the insurance company may reduce the payout proportionally.

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📉 How Co-Insurance Affects Claims and Your Wallet

Here’s what you need to know:

1. The lower your co-insurance, the less you pay per claim. Plans with 10% co-insurance are generally more expensive (in premiums) but cheaper when you get care.

2. Watch for the out-of-pocket maximum. Once you hit it, co-insurance stops, and insurance pays 100%.

3. Some services may have different co-insurance rates. Always check your Summary of Benefits and Coverage (SBC).

4. In-network vs. out-of-network matters. Co-insurance often increases sharply when you go out-of-network.

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🛠️ How to Manage Co-Insurance Wisely

✅ Shop for plans based on total cost: premium + expected co-insurance
✅ Ask for cost estimates before procedures
✅ Use in-network providers to minimize cost
✅ Track your deductible and out-of-pocket spending
✅ Consider supplemental insurance for high-risk individuals

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📌 The Bottom Line

Co-insurance is a crucial part of your health insurance policy—and ignoring it can be costly. Think of it as a shared responsibility: you cover part of the costs, and your insurer covers the rest. But how big your slice of the bill depends on your plan details.

So next time you’re reviewing or shopping for insurance, don’t just look at premiums. Look at the whole picture—co-insurance included—so you’re prepared for real-life healthcare costs.

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🧭 Stay Informed, Stay Covered

Insurance terms can be confusing, but they don’t have to be scary. Knowing how co-insurance works gives you more control over your finances—and peace of mind during unexpected events.

You can experience the benefits of being a part of a full-serviced Independent Insurance Agency today! Simply contact Briggs Agency, Inc. if you are interested in an insurance review at 219-769-4840 or visit our website at www.BriggsAgency.com. We look forward to hearing from you!

Blog post written by: Zachary Pelke

Welcome to the era of the sharing economy, where your spare bedroom—or even your entire home—can become a lucrative side hustle. Platforms like Airbnb have revolutionized travel and hospitality, letting regular folks turn into short-term rental hosts with the tap of an app.

But here’s the million-dollar question:
Are you insured? Like, really insured? 😬

If you’re renting out your property through Airbnb or similar platforms, your standard homeowners or renters’ insurance might not cut it. So, let’s break down what you need to know about insurance for Airbnb hosts, and how to protect yourself, your guests, and your home sweet home. 🛏️✨

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🧠 Why You Need Special Insurance as an Airbnb Host

It’s easy to assume your regular homeowners or renters’ policy has your back. But here’s the catch: once you start making money by hosting guests, your property is considered a business—and that’s a whole different ball game for insurers. 🕹️

Standard policies often exclude short-term rentals from coverage. That means if something goes wrong—like a guest accidentally floods your bathroom or throws a wild party—you might be left paying out of pocket.

Yikes. 😱

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🛡️ What Airbnb Offers (and What It Doesn’t)

Airbnb provides two major programs to help hosts feel more secure:

1. Airbnb Host Guarantee

• Offers up to $1 million in property damage protection

• Covers damage caused by guests

• BUT: It doesn’t cover everything—like cash, pets, or shared spaces

2. Airbnb Host Protection Insurance

• Provides up to $1 million in liability coverage

• Protects against guest injuries or damage to others’ property

Sounds good, right? Yes and no. While these programs are helpful, they come with limitations and exclusions—and Airbnb isn’t an insurance company. So relying on them alone is risky business. 🤔

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🧾 What Kind of Coverage Should You Get?

If you’re hosting regularly, here are the insurance options you should explore:

✅ Short-Term Rental Insurance

This is custom-built for hosts. It fills the gaps left by standard policies and covers:

• Property damage caused by guests

• Liability for guest injuries

• Lost income due to property damage

• Legal expenses if you get sued

✅ Commercial Insurance Policies

If you’re managing multiple properties or renting full-time, a commercial policy might be the way to go. It’s more robust, though it comes at a higher cost.

✅ Homeowners Insurance Endorsements

Some insurers now offer endorsements or “add-ons” to your existing policy to cover short-term rentals. It’s a more affordable option for casual hosts.

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📌 Pro Tips for Airbnb Hosts

1. Talk to your insurer 📞 – Let them know you’re hosting. Honesty prevents denied claims.

2. Screen your guests 🔍 – Airbnb gives you tools to vet who’s staying in your home.

3. Document everything 📸 – Take photos before and after each guest’s stay.

4. Create house rules 📖 – Clear expectations reduce the risk of incidents.

5. Consider an umbrella policy ☂️ – For added liability protection.

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🧳 Final Thoughts

Hosting on Airbnb can be incredibly rewarding—but it comes with risks. Don’t let a surprise accident or lawsuit drain your income (or your peace of mind). With the right insurance strategy, you can host with confidence, knowing you’ve got a safety net beneath you. 🕸️

Whether you’re renting out a lake house once a summer or running a full-time Airbnb business, insurance should be a key part of your plan. Protect your property, your guests, and your future—because in the world of home-sharing, being prepared is just smart hosting. 💼🏠💡

You can experience the benefits of being a part of a full-service Independent Insurance Agency today! Simply contact Briggs Agency, Inc. if you are interested in an insurance review at 219-769-4840 or visit our website at www.BriggsAgency.com. We look forward to hearing from you!

Blog post written by: Zachary Pelke