If you’ve noticed a substantial increase in your auto and home insurance policy premiums or heard friends and family discussing it, you’re not alone. This trend is affecting almost all policyholders across various types of insurance.
In the property and casualty industry we’ve seen up to 30% increase in premiums, this year alone, and some higher.
The key reasons are no surprise – increased claim costs due to inflation, climate change, supply chain issues, the cost and scarcity of qualified labor, the increasing cost of new technology and regulatory changes.
Some companies have even put restrictions into place, such as limiting the age of the roof and number of prior claims they will accept on new policies. This approach reflects a broader strategy to manage risk and maintain financial health.
What Can You Do?
Advocate for Yourself: It’s crucial to take an active role in managing your insurance. Don’t hesitate to shop around and compare not only prices but also coverage options. Different insurers offer varying levels of coverage and discounts.
Review Coverage Regularly: Life changes such as marriage, divorce, having children who start driving, moving to a new home, or downsizing can all affect your insurance needs. It’s essential to update your insurance policy.
Home Improvements: Any upgrades or improvements made to your home, like installing a new roof, can potentially qualify you for discounts or lower premiums. Make sure to inform your insurance agent about these improvements to maximize your benefits.
Ask About Discounts: Many insurance companies offer discounts for various reasons, such as installing security systems, bundling policies, or having a good claims history. It never hurts to ask your agent about potential discounts you may qualify for.
At AAA Holland we are a broker and a family-owned agency who advocates for you. With multiple companies to shop, we offer options for most. Give us a call at 215-485-5491. We are here to help!