Rising Insurance Rates

The insurance industry has experienced stability in rates for the past decade, but this period is coming to an end as premiums and deductibles are increasing, and policies with overall losses are not being renewed. The increase in severe weather events is causing more damage and claims for larger amounts of money. Some consumers have an attitude that going after insurance carriers for money is acceptable, leading to increased liability transfer and higher deductibles. Insurance carriers are insisting on more accurate insurable values to ensure properties can be rebuilt in case of major damage, resulting in higher premiums. Improved building maintenance, fewer claims, and lower claim amounts can help keep insurance costs down.