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A Quick Way to Understand Premium Increases

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Photo by David van Dijk on Unsplash

Shedding Light on 2012 insurance policies. Change is here, review this quick post.

So Why is Change Here? No money was made last year by Insurance Companies, so they are basically playing catch up due to:

1.  Insurance Companies being hammered by losses with weather-related disasters throughout the country and world.

2.  Not much money was made in the investment and bond markets.

The above causes Insurance Companies to raise premiums in many segments and pick good risks to insure. This is simply a supply and demand thing, it’s the lifeblood of any industry. It can be tough on the consumer, and many times the insurance agent. Keep your head up and watch for the following:

  • Increased Insurance Rates
  • Insurance Companies Non-Renewing policies and dropping out of certain market segments
  • Increased Property Deductibles
  • Roof Deductibles and Wind and Hail Deductibles are being applied, watch out for percentage deductibles here..they can be expensive and catch you off guard.
  • Reduced Coverages at Renewal, really watch this if you have a surplus lines carrier, they don’t have to notify the agent or the client in many cases and states.  So remember to review your renewal early, just in case you need to change it.
  • Increased insurance company inspections.

Questions? Our agency is prepared to help you – Call (865)524-0785 or

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