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By Kathleen Gorman
As you may know, the nation is facing historic levels of inflation, supply chain issues, and increased costs of services and materials. These factors have caused a ripple effect in the insurance industry, leading to increasing premiums on home and auto policies.
We understand that this rise in costs may cause you concern or questions, so we wanted to provide you with background knowledge on why this is happening and how we can help!
- Worsening weather conditions lead to an increase in damage to homes, which then leads to a need for building materials and skilled laborers to perform repairs. Unfortunately, both of these things are in short supply, causing prices to go up overall.
- From steel products to lumber, the costs of building materials are exponentially higher. Many of our nation’s manufacturers reside outside of the United States, which, in the face of a global pandemic, has led to shortages and delayed imports.
- The home-building industry faces a massive loss of skilled workers, driving up labor costs.
- As with construction materials, the essential parts of a vehicle (microchips, windows, plastics, etc.) are in short supply, making repairs and replacements more costly.
- With a lack of supplies to manufacture new vehicles, the cost of used vehicles has skyrocketed, and the scarcity of new vehicles has led to an increase in those prices, as well.
- Severe auto accidents are on the rise, leading to an increase in claims. With more claims comes more of a need for repairs, causing carriers to increase premiums to offset some of the inflated costs.
We at OneGroup have the advantage of offering you many options to consider for insurance, as we are an independent agency and we focus on providing the best value for your specific needs. These conditions are industrywide and may impact you in some way. However, there are many options to handle rising premiums, including higher deductibles, policy bundling, electronic fund transfers, defensive driving courses, and other loss mitigation credits. Our OneGroup representatives are available to help review your coverages and options. Finally, I want you to know that we appreciate the trust you place in us and we will work together to support you during these difficult market conditions.
Kathleen Gorman is senior vice president of personal insurance at OneGroup. She can be reached at 315-558-6772 or KGorman@OneGroup.com.
This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.
Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.
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Coverage cannot be bound or altered and a claim cannot be reported without confirmation from a representative of OneGroup.