Market Trends That May Affect Your Insurance Rates
The pandemic may be in our rear view mirror. It sure has left some unpleasant market conditions in its wake. If you haven’t received your insurance renewals for 2022, you may want to sit down before opening your renewal notice!
Prices of supplies have skyrocketed. The cost to repair your car and home is significantly higher than it was a couple of years ago. If you don’t believe me, compare the price of lumber right now to what it was in 2019.
There is a shortage of labor. The people we rely on to repair our cars and homes are not working as much. This may be due to staying home with ill family members or due to quarantine guidelines. Items that need to be delivered are taking longer than usual to arrive due to a shortage of transportation employees.
The number and severity of auto accidents has increased. We all stayed home during the pandemic and hunkered down. Apparently, we forgot how to drive. When we got back out to start driving around, the number of accidents increased. The severity of accidents also increased.
When you receive your insurance renewals this year, don’t hesitate to contact your insurance agent to ask questions!