Increasing Renewal Premiums
As many of our clients are experiencing, property and automobile insurance premiums are on the rise. Several Insurance Companies have already taken the lead, increasing their premiums and minimum deductibles in an attempt to compensate for the large losses in the previous few years. Other insurers have made announcements that increases are pending or they will likely be issuing an increase in the near future.
Although the rising insurance premiums are inevitable, we wanted to provide you with some of the important reasons WHY they are increasing so that you have a better understanding of how this impacts you. As well, we thought it would be helpful to provide you with some recommendations on how you can minimize the impact on your pocket book.
As a reminder, Insurance is the losses of a few spread among the many. Therefore, the high amount of claim payouts in the last few years affects all of us even if we have not put a claim through ourselves.
Hopefully you have found this information helpful with respect to your own insurance policy(ies). Our Team is currently reviewing the rates and coverage on all policy renewals, and one of our knowledgeable Brokers will contact you to recommend a remarket where applicable. If you have any questions or concerns regarding your policy(ies) in the meantime, please do not hesitate to contact us!
The Costen Insurance Team