businesswinter2024

Similar to the prices of many goods and services that have spiked in the past few years, insurance premiums have started to rise. While the industry isn’t one to quickly react to market changes, steady increases over time have caused insurance providers to raise premiums. This increase is the result of a combination of conditions including inflation and the following:

Home
1. Supply chain issues
2. A sharp rise in labor and materials costs
3. Increased frequency & impact of natural disasters
4. Increasing property values
5. Inconsistent property valuations

Auto
1. Sharp increase in parts and labor costs (For example, a $20,000 car repair from five years ago, now costs $60,000.)
2. Supply chain issues.

Reinsurance
1. Reinsurance is insurance that carriers purchase to protect themselves from unexpected and catastrophic losses.
2. The reinsurance market in North America has hardened due to major losses from natural disasters, resulting in higher premiums for policyholders.

We are witnessing this increase in premiums and non-renewals from all insurance providers. While insurance agents cannot lower prices, they can help mitigate the increase by identifying savings that can be gained within the structure of your policy portfolio.

Many insurance carriers offer premium discounts for combining all policies with one carrier, installing water monitors and home security alarms, good students, defensive driving courses, appraisals of valuables, and more.

Your insurance agent is meant to be your advocate and partner, providing guidance on the best structure to support your lifestyle. Their knowledge is critical to getting the most out of your policy portfolio.

Jeannine Foxx is a Risk Advisor for the independent, family-owned insurance agency, Meridian Risk Management located in Pelham, delivering customized personal, commercial, life, and benefits insurance. For a complimentary, no-obligation insurance review call 914-738-5678 or visit 

https://meridianrisk.com/contact/request-a-quote/.