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Insurance Rates For Home And Auto Continue To Rise.

As you may have heard, homeowners and auto insurance rates continue to climb in 2024. Not only are Insurance companies raising premiums significantly, but they have also become more selective about who they insure.

We know the rising cost of insurance is a concern for everyone, so we thought you might be interested in understanding why these prices have gone up.

Factors Contributing to Rising Auto Insurance Rates

•            For the first nine months of 2023, the U.S. property and casualty industry posted a $32.2 billion net underwriting loss, which is $7.6 billion more than the same period the prior year.

•            The nine-month loss ratio for the industry is 103.4% (that means for every dollar paid in premium, insurers paid out $1.034).

•            Personal auto posted a $33.1 billion loss last year, and the average claim cost rose 16%.

•            Motor vehicle parts and equipment have increased almost 24% since September 2019.

•            Medical inflation grew 6% in 2023 and is expected to rise 7% in 2024.

•            Catastrophic weather events have inflicted more damage on cars.

•            Carriers are pulling out of states completely or reducing their exposure in high-risk areas.

Factors Contributing to Rising Homeowners Insurance Rates

•            Inflation, in all its forms, continues.

•            Catastrophic weather events, including wild fires out West, hurricanes in the South, and flooding in inland parts of the country, have increased.

•            Several carriers have pulled out of states or put moratoriums on new business for homeowners. The industry predicts there will be more following suit.

•            The cost of labor and materials continues to increase (starting with supply chain issues in 2020).

•            As of September 2023, the U.S. had seen a record 23 $1 billion disasters.

The good news is that we’re all in this together, right? 😊 If you are a client of ours and you see that your home and auto insurance has gone up significantly, reach out to us and together, we can look at your policies and discuss options to help with these increases.

Or perhaps you’re not a client and you’re still interested in how much money we can save you on insurance. Contact us today for a no-hassle, complimentary quote and see just how much we can save you!

Please reach out to us today. We’re happy to answer your questions.