The insurance industry is going through some significant pricing changes as inflation and the overall cost of doing business continues to increase. And yes, it’s tiring to hear. The start of the COVID pandemic seems to fade further into the recesses of our minds, but the rippled affects of those long months continue to push prices higher.
Just look at some of these recent headlines in the Wall Street Journal:
Why It’s Impossible to Get Your Car Repaired This Summer – WSJ
Car Insurance Rates Are Soaring With Little Relief in Sight – WSJ *
Climate Risk a Major Challenge for Insurance Industry, Treasury Says – WSJ
What to Do When Your Home-Insurance Policy Isn’t Renewed – WSJ
Pro Take: A Big Source of Inflation Is Parked in the Garage (wsj.com)
Not only are premiums increasing across the country but policy underwriting is getting more restrictive. Insurance companies are looking more closely at a home’s condition, past claims, or restricting who can and can’t be excluded from your auto policy. Business insurance is also seeing tougher eligibility guidelines, and some carriers are excluding certain business types.
And it’s not just one company or one state. The entire industry is stressed. In the above article* the Labor Department data shows that car-insurance rates countrywide increased 17% in the past 12 months from May to May. Those include “A 40% increase by Allstate in Georgia, a 32% rise sought by Nationwide Mutual Insurance in California, an 11% bump by State Farm in New York.”
And something to consider too is the context of the rate increases. This article further states, “Car insurers last year lost on average 12 cents for every dollar of premium written, according to S&P Global. State Farm… lost 28 cents for every dollar written last year, posting a $13 billion underwriting loss for its auto arm.”
Dove Insurance Is An Independent Insurance Agency
Knowing your available options can help you save and compare on insurance. When you work with our family of independent agents, you’re getting the power of choice. From simplifying the insurance process to finding you the right coverage, here’s what makes us different:
We represent multiple insurance companies.
Bringing you the right blend of price, coverage, and service is what we strive to do. By representing different insurance companies, we can provide a unique variety of policies and price points. We do the shopping so you can save and get the best possible coverage.
We are licensed insurance advisors.
When it comes to choosing your insurance coverage, we want you to make an informed decision. Through education and explanation of the insurance process, we simplify the complexities so you can make the right choice based on your insurance needs.
We are by your side every step of the way.
You’re never on your own when it comes to your insurance because we are here for you and will work with the insurance company on your behalf. We’re also dedicated to ensuring you have the coverage you need so that if you do suffer a loss, you’ll be appropriately covered.
We offer a wide variety of insurance solutions.
Your insurance needs are unique, your insurance coverage should be too. We’ll find the insurance solutions to fit your needs by providing a wide variety of coverage options. Protect what matters most by having the best insurance that’s not a one-size-fits-all approach.
We are there for you in your time of need.
Signing the dotted line is not the last step, it’s the first step of our relationship to you as our client. Whether you need to update a policy, add coverage options, or simply have a question about your insurance, we’re here to ensure you always have the right protection.
Purchasing a new home this July? Let us help get you to closing hassle free, and help you save on your new homeowners insurance!https://t.co/DypFe8WmUU
— Dove Insurance (@DoveInsurance) July 6, 2023
