Combat Rising Insurance Costs Through SeniorCare Program
Insurance costs for senior living and health care facilities are on the rise, in many cases dramatically. Frequency and severity of claims have caught up with and surpassed premiums over the past few years, and insurance carriers are taking corrective actions. LeadingAge New York members should be aware of this trend and be proactive in communicating with their insurance brokers to assess the impact it will have on their individual renewal premiums. In a time like this and with budgets being set so tightly, you never want to be caught off guard when it is too late to do anything. If you wait until your renewal dates, you will likely be unpleasantly surprised at the results.
Insurance premiums tend to be cyclical for many reasons, and while senior living premiums have been level or slightly lower over the past few years, that has ended. While premium increases have generally been in the range of 10 to 30 percent, we have heard of several that have eclipsed 100 percent in the New York City area. This is mostly on liability (professional) policies but has now expanded to property insurance policies. Numerous areas in the state have plaintiff attorneys targeting the senior living sector, which exacerbates carrier anxiety and their outlook on this marketplace. Many carriers have also exited this marketplace, leaving fewer options. Other factors adding to the sector’s overall risk for insurance carriers include class-action lawsuits, expanded litigation and natural disasters. Carriers are evaluating risk management efforts much more closely and rewarding facilities who are diligent in these areas.
- Deal with a broker who specializes in senior living insurance and is familiar with this marketplace. It makes all the difference in a time like this.
- Have an active risk management program in place and be able to show carriers that you are vigilant in enforcing it.
To this end, the LeadingAge New York SeniorCare program has been very successful with members. Members have saved millions in premiums over the years and have group power to provide savings not available in the general marketplace. This Cool Insuring/ LeadingAge New York insurance program has proved very competitive and successful, especially in this current marketplace. Multiple facilities outside of the program have reached out because they were surprised a few days before their renewal with 150 percent increases on their premiums.
How Can We Assist You?
John Snow and Mike Jenkins would welcome the opportunity to discuss the Cool Insuring/LeadingAge New York program and let you know what savings are available to you. Their extensive experience and carrier relationships provide leverage to offer LeadingAge New York members competitive pricing and superior coverage not available elsewhere. Contact us today at 800-233-0115 to learn more about our extensive network of insurance options to save you money.
Cool Insuring Agency is an endorsed vendor of LeadingAge New York Services providing competitively priced insurance coverage to LeadingAge New York members since 1993.