Have you asked yourself recently "What's going on with insurance premiums?"
It's a question we've heard a lot recently. And the reasons behind premium changes are important to understand to ensure you have the right policy for your needs.
Inflation: We've all seen how much inflation has affected areas like food, housing, gas and electricity, but it's also affecting insurance. Rising labor costs and price increases for supplies used in repairs all add to the overall cost of claims and the price insurance carriers charge. This even carries over to used vehicles that are increasingly more expensive to purchase and repair due to shortages.
Always Check: We keep tabs on each insurance carrier to see how inflation is affecting their premiums. Bundling home & auto can help, but not always.
Value of Your Property: Have you noticed an increase in your property value over the past few years? Property appreciation is great and it provides a nice asset, but that comes with a higher cost to rebuild should you experience a total loss.
Always Check: Do you have enough coverage to protect your home's increased value and cost to rebuild? Have you made updates to your home that we need to be aware of?
Weather: One area most likely to increase policy prices is storms that can do millions or billions of dollars of damage in seconds. Over the last 4 years we've seen more major storms and blizzards than ever including the Marshall and Grand Lake fires. That is causing carriers to cover larger, more frequent claims and raise rates or stop covering an area.
Always Check: How are premiums changing for your area and do you have enough coverage to rebuild. A sad lesson of recent Colorado fires is that many were underinsured, preventing them from being able to rebuild where their houses once stood.
At The Mitchell Insurance Group, we do the hard work so you don't have to waste your valuable time shopping insurance premiums every year.
As a Broker, we have many carriers we work with to ensure our clients are receiving the lowest premiums available. We can carefully monitor how carriers' rates fluctuate annually to see if you should stay with a provider or switch. We also run our clients' quotes using multiple scenarios, like bundling home and auto, to make sure we are getting you the best prices available without compromising coverage.
To help make this as painless as possible for you, we will be sending a questionnaire out with renewal notifications. If you can take a couple of minutes to complete it, it will help us best identify your current insurance needs.
We are working for you and not the insurance carriers! If you have any questions, please feel free to contact us.
Thank you for your business!