Could what you're posting on social media affect things like, your insurance policy?!

MILWAUKEE (WITI) -- Americans spend at least three hours a day on social media sites like Facebook, Instagram and Twitter -- but unless you have your privacy settings activated, everything you post is open to the public. So could what you post affect your insurance premiums?

"I know it's something that`s being considered in the industry," attorney Dennis VanDerGinst said.

When you're on Facebook, you expect your friends to like your pictures or comment on your status. But what if one of your friends is an insurance underwriter?

"You are posting information about your drinking habits or engaging in risky behavior -- it's certainly something that an underwriter can consider," VanDerGinst said.

Take for example your life insurance policy. That picture of you skydiving could raise some red flags. That funny status update about getting pulled over? Better hope your auto insurance broker doesn't see that one!

Attorney Dennis VanDerGinst says it's all legal.

"If it's information that`s readily available to the public, then it's fair game," VanDerGinst said.

Social media is still so new, companies are trying to figure out how it impacts their business -- what's okay, and what's considered an invasion of privacy.

"From their perspective, this is giving them more information and it is cutting back on costs to get that risk program profile," VanDerGinst said.

Nick Westergaard works for "Brand Driven Digital" -- a company that helps organizations build better brands online. He says it's up to you to protect yourself.

"Many are concerned about privacy, but very few are actually taking steps to do anything about it," Westergaard said.

It's important to decide how much information you want to share and change your privacy settings -- limiting who can see your posts, tweets and pictures. And don't be afraid to get picky about accepting friend requests or liking certain pages.

"It's up to the user to define their own privacy settings, consider the risk and consider what they share and what they don't," Westergaard said.

Spend your time online wisely, and present the right picture of yourself to friends, family members and even...your insurance company.

This practice could be regulated in the future, but it would be up to state lawmakers to put rules in place.