Why did my premium increase?

You have likely noticed an increase in your insurance premiums, and you are not alone. Rates have gone up across all lines of insurance and with all companies. Here are several reasons why:

1. Increased Risk Factors: If there have been changes in your circumstances or in the insurance industry that increase the risk associated with insuring you, such as an increase in accidents or claims in your area, your premiums may go up.

2. Inflation: Insurance premiums often rise in line with inflation. The cost of goods and services increases over time, including the cost to repair or replace insured items, which can lead to higher premiums.

3. Claims History: If you've made claims in the past, especially if they were large or frequent, insurers may raise your premiums as you're considered a higher risk. Even smaller claims such as glass can impact your tiering.

4. Policy Changes: Your insurance company may have made changes to their policies or coverage options, which could affect your premiums.

5. External Factors: Economic conditions, natural disasters, or changes in government regulations can also impact insurance premiums industry-wide. Increasingly large settlements are a major factor here in NYS.

6. Personal Factors: Changes in your personal circumstances, such as moving to a new area or adding a new driver to your policy, can also lead to increased premiums.

7. Insurance Market Trends: Sometimes, insurance premiums increase across the board due to broader market trends, such as rising healthcare costs or increasing frequency of extreme weather events.

It is advisable to discuss these things with your agent. They are there to help guide you!

What is an Independent Insurance Agent? Why choose an Independent Insurance Agent?

An independent insurance agent is a professional who works independently and is not employed by a specific insurance company. Instead, they typically represent multiple insurance carriers and can offer a variety of insurance products from different companies. These agents act as intermediaries between individuals or businesses seeking insurance coverage and the insurance companies themselves. Overall, the independence of these agents allows them to offer diverse options, personalized service, and advocacy for their clients. Choosing an independent insurance agent can be advantageous for individuals or businesses looking for flexibility and a more tailored approach to their insurance coverage.

Using an independent insurance agent can offer several advantages:

1. Choice and Options: Independent agents typically work with multiple insurance carriers, giving you access to a wider range of policies and coverage options. This allows you to compare different plans and choose the one that best suits your needs and budget.

2. Personalized Service: Independent agents often provide more personalized service, taking the time to understand your specific situation and tailor insurance solutions accordingly. They can offer guidance on the right coverage amounts and types for your individual circumstances.

3. Advocacy and Claims Assistance: In the event of a claim, an independent agent can act as your advocate, helping you navigate the claims process and ensuring you receive fair compensation. They work for you, not the insurance company, and strive to protect your interests.

4. Local Knowledge: Independent agents are often part of the local community, and they understand the specific insurance needs and challenges in your area. This local knowledge can be valuable when it comes to recommending policies that are well-suited to your geographic location.

5. Cost Savings: Contrary to the belief that using an agent might be more expensive, independent agents can often help you find cost-effective options. They can leverage their relationships with multiple carriers to find competitive rates and discounts.

6. One-Stop Shopping: Instead of dealing with multiple insurance companies directly, you can simplify the process by using an independent agent who can handle all your insurance needs. This can save you time and streamline the overall management of your policies.

7. Continuous Support: Your relationship with an independent agent doesn't end once you purchase a policy. They can provide ongoing support, reviewing your coverage periodically to ensure it remains relevant and making adjustments as needed.

Ultimately, the decision to use an independent insurance agent depends on your preferences and needs. If you value choice, personalized service, and local expertise, an independent agent could be a beneficial choice for you.