Pickett Insurance Agency’s Post

Transcript

Wondering why insurance rates are on the rise? Let's break it down. Check out some recent trends that are affecting all insurance companies. Some of them you're probably familiar with, like inflation, which is driving up the cost of auto parts, building supplies, and labor. Insurance companies are also dealing with more severe car accidents, more frequent and severe weather events, rising medical costs, and personal injury judgments, increasing nearly 320% over the past decade. Which means that right now, fixing cars and homes, covering hospital bills and settling liability claims are all getting pricier. And that leads to what's called a hard market. It's when insurance companies raise rates to keep pace with rising costs, and they're more selective about their customers and what they'll ensure. But here's the good news. Independent insurance agents know this industry inside and out. We work for you. We can help you get through this hard market and advise if switching carriers make sense or if adjusting deductibles, coverages or discounts could give you a better overall value. Let's take a look at your current policies. Get in touch today. We are here to help.