Why Insurance Prices Rise

Do you wonder why your insurance premiums may rise when you haven't filed a claim or had any other incident normally associated with an increase in your cost?
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There are numbers of factors beyond your personal situation that may cause the cost of your insurance coverage to rise.  Here are 5 examples:

Increasing natural disasters: Increasing numbers of hurricanes, floods, tornadoes, wildfires) have caused substantial losses for insurance companies.  
 
Inflation:  The prices of goods and services are increasing at a faster rate than they have in recent years, which means that insurers will need to pay more to cover losses and damages.
 
Litigation Costs:  Legal costs associated with lawsuits and liability claims are also on the rise, as well as amounts awarded, leading to increased premiums for liability insurance policies.
 
Cybersecurity risks:  As businesses become increasingly reliant on technology, insurance companies have seen an increase in claims related to cyber attacks.
 
Pandemic-related losses:  This has resulted in significant losses for the insurance industry, particularly in the areas of medical and travel/event cancellation insurance.
 
Bottom line?  It's important for you to work with a local independent agent who better understands your specific situation and can help you get the right insurance coverage at the best possible price.