High Price Insurance
If history is any indication, likely, many will soon see insurance rate hikes coming. With the extreme hail damage that occurred back in Oct. 2010 many insurance carriers have paid out millions and in some cases billions in losses. Although these claims have been deemed as catastrophic claims, meaning it won’t affect you individually if you filed a claim, it still may affect all of us on a large scale. Carriers are not surcharging individuals who file claims due to the hail damage, however, with the massive losses sustained they will likely look to recuperate those losses with higher premiums. This may apply to both home and auto as the damage occurred to both.
So how can you avoid it?
If you notice your premium increases at your next renewal you may want to shop around. Remember, not all carriers sustained heavy losses but some of the larger carriers like State Farm, Allstate, American Family, Geico and others assuredly did simply based on the market share they possess. The carriers that did not sustain heavy losses likely will not need to raise rates to pay for the claims. This is an opportunity for you to make a change and save in premiums. If your rate increases or if you just wonder if you are paying more than the neighbors call a good broker like Insurance Professionals of Arizona. We can help you weed through the good and bad and find you the best policy at the best rate.