Historic billion-dollar weather and climate disasters. Year after year storms seem to be more destructive and more frequent. In the year 2023 the US experienced 28 separate weather and climate disasters each costing at least 1 billion dollars. 2023 also also caused at least 492 direct or indirect fatalities, the most since 1980. Source: NOAA. This information as well as a number of other statistics can be found right here
Building and construction cost have spiraled out of control and has taken a big hit on property insurers as well as the cost to fix and maintain cars has been one of the leading reasons for auto insurance spikes. Here is an excellent news article from CNBC covering this very topic.
Locally we have seen several companies that are non-renewing customers because they have made the decision to exit the business in some states or entirely. This is coming as quite a shock as many of these policyholders have never had a claim and have been with the companies for many years. At our agency we have had a few of our carriers that have made this decision and our teams are doing our very best to find a new company for our customers.. We are also getting calls daily from people who are being non renewed by other companies.
With this increased demand and limited market many companies are being much more strict with their guidelines. We are seeing rising costs in everything and it is translating to higher insurance costs too.
If you or someone you know has gotten a nonrenewal notice we would love to try to help. Please call our office or you can submit a quote request for auto or home on our website.
David Galeone
