The Expert Podcast

• If you're a consumer with personal lines insurance like auto or home coverage, you've likely noticed your rates increasing.
• Insurance agents or carriers may be requesting more information, adjusting deductibles, or lowering limits. But why?
• In some states, insurance companies are pulling out due to risks like hurricanes or wildfires. Even in safer areas, higher claims rates are prompting rate hikes.

• Don't assume your agent will automatically seek better rates for you; many prefer to keep clients with the same company over time.
• If your rates spike significantly (more than 5-20%), consider asking your agency to shop around for other insurers.
• Evaluate your coverage and consider consulting a licensed insurance agent for advice. [Link to consultation]

• Raising deductibles and adding umbrella policies can offset rate increases without increasing risk.
• Consider adding endorsements to cover exclusions or removing overlapping coverage.
• For older vehicles, adjust comprehensive limits; for newer ones, consider higher limits due to rising repair costs.

• Rising auto repair costs impact insurance rates, even for those not directly involved in accidents.
• Several factors contribute to higher claims rates, including climate change, regulatory changes, and social inflation.
• Proactive measures like home maintenance can mitigate risks and potentially lower rates.

• Insurance rates are rising due to increased claims and changing market dynamics.
• For more information or personalized assistance, visit our website or schedule a consultation with a licensed insurance agent.