Rising Insurance Rates and Tensions

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The insurance industry is facing a ton of backlash when it comes to their rates. According to NerdWallet a 2023 survey from the insurance information institute found that 12% of homeowners don’t have insurance. The lack of home insurance comes from the increasing rates that many cannot afford to pay. In addition to homeowner’s insurance, auto insurance is also seeing record-high premiums. Technology and labor wages are the two main reasons you are seeing those increases. The price for repairs is not what it was 10 years ago as the price for parts is so high along with labor fees.  “Car insurance costs rose 19% in August compared to the year prior, according to the latest data from the U.S. Bureau of Labor Statistics” according to NerdWallet. The number is rapidly growing for the number of Americans who are simply opting out of car insurance. This drives the need for uninsured and underinsured coverage to protect you from financial loss. What can you do to help your premiums? These are our agency’s recommendations:  

  1. Shop: We recommend shopping insurance with several carriers as each carrier has a different appetite. You will also find out if your current coverage is fair and adequate.  
  2. Adjust Coverage: You decide how much risk you want to take. You can do this by raising your deductibles or adding a separate wind and hail deductible for your home insurance. There are ways to self-insure certain risks to help lower your premium.
  3. Speak to an agent: If you have any insurance questions call your agent and run it by them to see how it affects your current and future premium. For example, if you are buying a new car call us to see how that affects your premium so you are not sticker-shocked on your next bill. Most importantly, contact your agent if you have questions about billing and deadlines as you never want your insurance to lapse. You can use your agent as a resource to help better plan.
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