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What does a tightening insurance market mean for?

Many of you have probably read the reports about companies not writing homeowner's insurance any longer in certain states. For example, several marge insurers placed a moratorium on new business in CA and FL!

There are several reasons, one being changing weather patterns, stronger storms and more wildfires. Another reason, especially in FL, are rising litigation costs due to questionable claims. That state lost a handful of insurers over the past few years, four in 2022 due to insolvency.

For those of you that have renewed your policies recently, you may have noticed premium increases. Inflation can be blamed for a good portion of this as costs for repair parts & labor have increased and have driven up claim values so insurance companies have to increase premiums.

Check your coverages, deductibles and shop around to make sure you are getting the best coverage at the best price. An Independent Insurance Agent represents multiple companies and can provide you with several quotes to choose from.

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