Increasing Insurance Rates

Heads up neighbors!

During the first six months of 2023, $40 of the $53 billion paid claims were in the US. As you may have seen on the news, some large Insurance Companies are losing profitability and either shutting down operations altogether in some States or placing mandates on accepting any new business.

Instead, they are just looking to just ride out the inflation that is impacting payouts on both auto & home claims. It is an especially tough time for Kia & Hyundai owners and the Companies that insure them due to the high thefts recently with those vehicles & millions of paid claims.

It’s best right now to prepare for premiums across both auto & home to be on the rise for an extended period of time. Higher claims costs to companies mean higher premiums to you. With inflation impacting most all lines of insurance, hang on tight and be sure to maximize those discounts. Joanne Winkler lives in Fairview and is the owner of ESCO Insurance Agency.