What’s happening in the Insurance Industry

You may have seen information in the news recently about the current and volatile state of the personal lines insurance industry. Each year, extreme weather events are increasing weather related homeowner’s losses and claim activity. Natural disasters such as wildfires, floods, and heatwaves are examples of catastrophic events driving up the cost of homeowner’s insurance rates. Other variables such as increased cost of materials and labor are further impacting premiums and driving up the cost to repair and rebuild homes after a loss. Insurance companies are responding by tightening underwriting guidelines, especially for homes that are older and located in coastal locations. Auto insurance is also a key product for Anywhere Insurance, and the increased cost of new and used cars are driving up automobile insurance rates. The increased costs of vehicles combined with deteriorating driving habits such as speed, alcohol, and overall riskier driving is creating both an increase in rates and a shift in company underwriting guidelines.

So how can Anywhere insurance help consumers in this challenging market? With Insurance company guidelines and underwriting appetites changing daily, the Anywhere Insurance team can help navigate through complex underwriting situations by working directly with company underwriters. Access to a variety of insurance companies also provides more options and an increased chance of competitive pricing and underwriting approvals. The Anywhere Insurance team also recommends the bundling of home and auto policies together to make the risk appear more attractive to the insurance companies.

With these constantly shifting insurance conditions, we suggest initiating the shopping process in advance of any upcoming closing or renewal dates. Shopping early will also ensure that you factor in insurance payments reflective of the current market conditions.

Click here to make an appointment with one of our experienced account executives for a complimentary insurance review.