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Are You an Insurance Risk? Here are 3 Possible Reasons

June 2022 by Linh C. Ho, Chief Marketing Officer at Zelros

Insurance can sometimes seem like the wild west when it comes to figuring out what impacts your insurance coverages. That’s why below we’re taking a look at three possible reasons you might be considered high risk by your insurance provider.

Linh C. Ho, Chief Marketing Officer at Zelros says, “Did you know that even what we consider to be seasonal weather events can change your insurance risk category from year to year without you knowing it? For this reason, artificial intelligence and machine learning are making their way more and more into how insurance companies assess risks. When was the last time your family checked in on your home insurance coverage?”

Here are 3 possible reasons that someone may be considered high risk by their insurance company:

Reason #1: Weather Change
Home insurance risk changes as weather patterns change. If a home is in an area where the shift in weather is creeping closer towards their zip code, it’s time to revisit your coverage. You could be in a high risk area and not be aware. But what exactly are these “risks?” Flooding, earthquakes, hurricanes, tornados and even seasonal wildfires impact all come together to determine how much of a risk you represent.

Reason #2: Health Changes
Health might be the most talked about insurance coverage. This specific category has some of the highest risk fluctuations due to variables like age, place of residence, job type, sex, etc. 4 in 10 insured Americans say their out-of-pocket health care costs were too high in the last year, and nearly 1 in 5 say they can’t afford their deductible according to a study by ValuePenguin. Staying on top of your health insurance coverage and connecting with your provider can make sure that no surprises pop up when it comes time to use it.

Reason #3: Major Life Event Change - You’ve turned 26 years old!
But health changes aren’t the only reason you might be considered high risk by your insurance! Aging out (turning the magic age of 26) is when you’re no longer able to be a part of their parent’s health insurance plan. And with being older, comes a greater chance of being given a higher quote due to the increased (albeit slightly) risk of becoming ill. Well before you turn 26 is the time to start investigating insurance plans, whether it be your employer’s plan or a stand alone policy.

Bonus: These types of major life events can also impact your insurance coverage needs:. Moving, loss of eligibility from a previous insurance provider, passing of a loved one in the family, having or adopting a child, getting married or divorced, weather pattern change and exhausting COBRA coverage can all impact your coverage needs, which can impact your risk category.

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