Michelle Thomas Insurance Agent

https://youtu.be/psEDx9HMd6g?si=WGB58a9eK6S-E7zt
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Home and auto insurance rates are on the rise and carriers are still leaving the market, leaving fewer options.
Have questions, give me a call.

* Everyone is trying to save a few dollars, but in doing so make sure you are not cutting coverage that could cost you more later, or raising deductibles without discussing what that would look like in a major loss.

* Review your coverage, don't assume because you have a policy that everything is covered. Find out the exclusions so you aren't surprised later.

* Discuss the options and choose what is best for your individual scenario. What your neighbors have may not be best for you.

* Insurance rates are based on the individual owner just as much as the home. Higher credit/insurance score means better rates. So yes, two identical homes can have same exact coverage and have vastly different premiums.

Noone likes paying premiums for seemingly a piece of paper. But remember, when written correctly, that piece of paper could mean the difference between rebuilding your home, replacing a car and being made whole or losing everything.

Review your coverage and have piece of mind!!

The Pitfalls of Cheap Homeowners Insurance: Why Price Shouldn't Be the Sole Focus Discover the hidden risks of prioritizing cost over coverage when selecting homeowners insurance. Uncover the essential factors to ensure your home is adequately protected.

Have seen alot of frustration and misinformation about insurance.
This is a great summary of what is going on and why rates are seemingly through the roof....
I have been sharing this with our customers and thought Jeremy did a great job stating the facts.

Please Read, it is long but informative!

I try to usually keep insurance posts short and sweet but there is a lot going on and I hope that you find the below information useful and I hope that it helps explain what is happening in the insurance world today. It won’t matter what carrier you are with, this is an industry wide issue.

The Insurance market place is tightening up and it's happening fast. It’s happening especially fast for auto and home insurance companies. Carriers are pulling a full hard stop on issuing any new policies across the country. Carriers are leaving the market or they are selling to other carriers/merging. They simply can't operate profitably in this inflated market. It's getting downright nasty and ugly out there. This market is disrupted and it WILL affect all of you.

The cost of claims has risen exponentially in the past 2 years. Thus resulting in the carriers having to raise premiums and pull out of some markets. If you have an auto or home insurance policy, your rates have gone up and will continue to go up even more. This isn't personal, it’s not based on a claim you may or may have not had, it’s simply the cost of doing business.

➡️ The cost to rebuild your home is up dramatically due to the rising cost of materials and labor. Supply chain for materials continues to be an issue. We can all agree that everything has gone up in price. Carriers simply can’t survive paying these higher prices without charging more themselves.

➡️ The cost to repair your car is up dramatically due to the rising cost of auto parts and labor to fix your car. In addition, parts in vehicles now include some technology feature. Replacing a side mirror used to be $500 - now it’s more than triple that.

➡️ The cost of medical care continues to skyrocket. Bodily injury on auto accidents is off the charts.

➡️ Litigation is expensive and settlements are rising at an unprecedented rate.

➡️ Both the frequency and severity of auto accidents are WAY up post COVID along with the rising frequency of auto fatalities.

➡️ ReInsurance (the insurance your insurance carrier buys to help cushion catastrophic loss) is at or approaching capacity in many markets, and rising rates are unsustainable.

This is a significant issue affecting the property & casualty industry (home and auto), and pricing correction is anticipated at least through 2024. States also require Carriers to have enough assets on hand to pay losses. This is a nice way to say - you will see rate increases and more frequently.

There are some things you can do to help get through this current insurance market:

✅️ Consider Higher Deductibles. This will help save some money on your policy.

✅️ Safe Driving Telematic Programs. Telematics can reward you by giving you a discount for good driving.

✅️ Discount Reviews - make sure you're getting everything you're entitled to. Every carrier has different discount opportunities. Make sure you go over those with your agent.

✅️ Bundle your Auto and Home for more discounts and more stable pricing. Bundled/Packaged policies most always include better coverage and benefits and the cost savings is usually 20% on each policy.

✅️ Consider tenure - jumping companies too often will hurt you in the long run. In addition, some carriers won’t take you as a new client if you have less than two years with a carrier. And more importantly, carriers are getting off of some risks if a claim happens in the new business term or for the number of claims in a 3-5 year window. Tenure matters with a carrier.

✅️ Follow the laws so you don’t get any tickets. Those tickets really add rate to your policy and stay on your record 3-5 years, depending on the carrier.

✅️ Absorb small claims when you're able. Talk with your agent and let them claims counsel you should a loss happen. Stop using your towing or road side assistance as a maintenance policy. Frequency of claims REALLY matter.

✅️ Buy your insurance from an experienced Independent Insurance Broker that has options and can help you navigate this crazy market WITHOUT SACRIFICING COVERAGE on the policy.

And, please remember that we are agents for the carriers. We don’t make the rules, we don’t have control over the rates and we don’t make the decision if your policy is cancelled by the carriers. We are here to help educate, make sure you have the best insurance for your situation at the best rate available, manage your account with the carrier, and claims counsel when needed.

As always, I hope this message explains a little bit of what is going on in the insurance market place. And, please be nice to your insurance agent - she or he are taking the same increases, navigating carrier changes and doing their best to help you through this crazy time. 🤝

-- Jeremy Maddick