Many insurance policy holders are getting a big surprise when they receive their upcoming renewal notices. The news in a nutshell? Losses on the part of insurance companies are finally being seen in premium increases in renewal notices... AND as important, if not more so: insurance companies are also pulling out of certain states or disallowing new and policy renewal approvals. Why the sudden action on the part of carriers? It's not really "sudden" as the signs have been evident since the pandemic.
Insurance companies have taken huge hits for a number of reasons that I've share with you before, but will list them again below as a reminder: - increased number and amounts of home insurance claims due to more weather disaster events throughout the country (wildfires, tornadoes, flooding, earthquakes) - increased number and amounts of auto insurance claims due to more expensive auto technology and greater personal injury litigation Some policy holders are finding that even if they haven't had any negative event (violation, claim, etc.), their premiums are rising more than anticipated. Also, some are being non-renewed for things that insurance companies held a more liberal philosophy about in the past. What can you do to help offset this moving forward? Most important, talk directly with an INDEPENDENT insurance agent like me to see: First, if he can find you similar coverage with a different carrier for less cost than your renewal amount. Second, pay even more attention to maintaining your residence and property. Aged roofs, water leaks and damage, overhanging trees, and buckled sidewalks are prime examples of insurance companies being much more scrutinizing in renewal and claims approval. Third, try extra hard to avoid getting any type of auto violation or claim. Fourth, if you haven't bundled your insurance policies, have your agent quote you on doing that. Some carriers are more accepting now of a small blemish on one of your policies as long as you bundle them all together. I can't overestimate the importance of using an experienced independent agent now more than ever to help you secure great coverage at the best possible price. Be proactive in safeguarding your property. Let me help you explore the range of comprehensive property and casualty insurance plans I have access to and get a quote. Call me today at 706-726-1446. Comments are closed.
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AuthorDennis Lam Archives
September 2023
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