WHY ARE MY INSURANCE RATES GOING UP?!
CONSUMERS ACROSS THE NATION ARE EXPERIENCING INCREASED
INSURANCE RATES, BUT WHY?
We understand receiving a notice about increasing rates is NOT the news anyone wants to hear. However, here are some things to consider when pondering WHY RATES ARE GOING UP…
- Increase in severe natural disasters: Wildfires, freezes, floods, hurricanes, tornadoes, and tropical storms all result in significant insurance losses!
- Covid-19 Pandemic: Losses are predicted to climb over $100 billion (mostly related to business interuption claims due to shut-downs.
- Inflation: The increase in cost of goods at a higher rate than normal causes insurance companies to charge prices today that will cover tomorrow’s claims.