Happy St. Patrick's Day! In this week's Big I Buzz, we are discussing InsurCon2021, how renovations made during the pandemic could impact home insurance and record amount of debt Americans paid off in 2020.

Save the Date for InsurCon2021

Join us August 10-11 at the Kalahari in Wisconsin Dells for InsurCon2021. We are looking forward to seeing you all for this safe, in-person event, as well as welcome our keynote speaker, Hall of Fame quarterback, Joe Theismann. Safety is at the top of our mind, and we will be following all guidelines outlined by the Kalahari, the Wisconsin Department of Health Services and the CDC. The Kalahari's new convention center gives us the space to follow all safety precautions, while still being able to enjoy this amazing event. We have a great lineup of speakers for this year's event! In addition to Joe, we'll also be welcoming Beth Ziesenis and Bill Pieroni. Beth, aka Your Nerdy Best Friend will provide a light-hearted, entertaining look at tools and apps that will help you increase efficiency. Bill will offer an in-depth, yet enthusiastic, discussion of the independent agency carrier arena. We are looking forward to seeing you all in-person this summer! Head to our website for more information and to register today. 

Renovations During Pandemic Could Impact Home Insurance

According to NerdWallet, three out of every five homeowners did a home improvement project during the first half of the pandemic. Turning a bedroom into a home office likely won't have an impact on home insurance, but other remodels that have become popular during the pandemic could. According to 10 News San Diego, "Renovation insurance is something to consider to cover expensive materials or unexpected issues that might come up during a project. Backyard pools have become a hot commodity as well. Some home insurance companies see them as added liability, which could increase your premium. They may also require fences or other security features. 

"When you think about removing fireplaces, security systems, upgrading electricity or plumbing, those are things that in a big way can improve your home. And then, if you think about the roof as one of the biggest things that's going to protect your home from weather or other elements," said Stephen Kates, a certified financial planner and analyst at Bankrate. None of these changes should drastically change your home insurance policy unless you've done a total gut of the home. 

Americans Paid Off a Record $83 Billion in Credit Card Debt in 2020

While COVID brought many hardships, for some people this has led to better budgeting. While being forced to stay home, consumers have been paying down debt and saving more than they have in decades. Along with this, many are leveraging low interest rates to refinance and lower their monthly bills. According to a Credit Card Study by WalletHub, Americans repaid almost $83 billion in credit card debt during 2020. The study also found that by the end of last year, the average household credit card balance fell to $8,089. Many experts expect a surge in spending once people are vaccinated and COVID-related restrictions are lifted. 

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