Why did my premium increase?
Insureds don’t understand: they’ve had no claims and paid on time. And thank goodness, imagine the price for those that can’t say the same.
As renewals come in, people from all over the country are shocked at their increased premium prices. Insureds don’t understand: they’ve had no claims and paid on time. And thank goodness, imagine the price for those that can’t say the same.
Unfortunately, insurance is not immune to the nationwide increases in cost. And it makes sense. Insurance is bought to protect your most valuable assets at the time of massive, financial devastation. Think of a house fire for example. The house is burned down the ground completely. Well, the cost to rebuild that home is now significantly higher due to increase cost in labor and supplies. The time to rebuild that home is now much longer due to shortages in employees and supplies. Replacing your personal property, your furniture, electronics, clothes and others are now costing significantly more.
Similarly with car insurance, the cost of repairs is much higher and vehicles are remaining in the shops for much longer making the overall claim cost a lot more than before.
No one wants to pay more money especially with the increases going on everywhere but remember what your insurance is for. It’s to protect you in times of massive financial loss. Keep an eye out for another post on how to reduce your premium but most importantly, review your policies and make sure you’re properly covered.