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Why are Homeowners Insurance Rates Increasing?

Over the past few years, nearly every homeowner in the U.S. has seen an increase in their homeowners insurance premium. According to Money.com, an independent publisher, recent year-over-year premium increases have averaged 20%, and policyholders should expect to see at least a 10-15% increase in 2024.

Although individual rates are based on specific factors such as location, credit score, claims history, age of dwelling and deductible, some general trends are leading to higher rates across the board. Continue reading

Cybersecurity in the Age of AI

Since ChatGPT was released just over a year ago, business leaders in nearly every industry are increasingly investigating the potential uses of artificial intelligence (AI). Although AI …Continue Reading

2023 Industry Recognitions

At Scott Insurance, we are proud to be continually recognized as an industry leader and employer of choice.  So far this year, we have been recognized by …Continue Reading

Using Data to Think Strategically About Health Benefits

For many middle-market companies, health insurance plan years begin either December 1 or January 1.  This means that many employers will soon be gearing up for renewals and shift their focus to guiding their employees through the open enrollment process.

Annual health plan renewals and open enrollments often bring up many questions for employers and employees alike:

• Does the health plan provide good value?
• Are the benefits offered competitive in today’s market?
• Are there sufficient options offered?
• Are employees carrying the right amount of the plan cost?

While decisions for 2024 plans have likely already been made, it is never too early to start thinking strategically about your employee benefits program and to consider how your offerings compare to those of peer organizations. By leveraging benchmarking data, you can make informed decisions about your employer-sponsored healthcare benefits strategy, plan ahead for future years and confidently answer the questions that may arise.  Continue reading

Affordable Housing’s Pull Cord Problem and the Unintended Insurance Ramifications

The affordable housing community, specifically HUD Section 202 for elderly housing, is experiencing an avoidable crisis. This crisis originates from the expanded scope of service and responsibility placed upon affordable housing organizations by the U.S. Department of Housing and Urban Development (HUD). HUD Section 202 for elderly subsidized housing specifically states that the program provides options to allow seniors to age in their community by providing independent elderly living in an environment that offers support for community-based services, such as cleaning, cooking, and transportation (Perl, 2010). Yet HUD’s most recent Minimum Property Standards for Multifamily Housing handbook states that all elderly multifamily communities must install call-for-aid systems (HUD, 1994). Therefore, the requirement for continuous call-for-aid systems, such as pull cords, forces affordable housing owners and operators to engage in the practice of nonstop-24/7-resident monitoring. In our highly litigious society, the requirement for continual resident monitoring represents a significant liability for potential future legal action. Insurance companies have taken notice of this potential liability and have responded with action.  Continue reading