Tips | Navigating the “Hard” Insurance Market in 2024
The 2018 to 2024 hard insurance market is still marching on. As your independent agents, we’re here to help you navigate rough waters and work smart so you can stay ahead of the game.
A hard insurance market happens when insurance companies are experiencing low reserves. This is often due to inflation, natural catastrophes like earthquakes and wildfires, and an uptick in claims. As insurance carriers work to meet the deficit, individuals who may be thought of has “high-risk” could have a difficult time finding insurance. Insurance rates are higher and qualifications for cashing out claims are more extreme. Though a hard insurance market generally lasts a few years, the 2018-2024 hard insurance market has lasted longer than past fluctuations.
Work Smarter
Until we head back into a soft insurance market, we want to help you work smart so you can still come out ahead.
5-Tips to Navigate the 2024 Hard Insurance Market
- Mark on your calendar when your renewal is. Then, 30-days prior to your renewal date, give your independent agents a call to see what your new premium will be. This will help you plan and budget ahead of time.
- Don’t let your insurance cancel due to non-payment. If your insurance cancels, sometimes the carrier will not allow for reinstatement and you will be left uninsured until you are matched with a new carrier. Additionally, if you are reinstated, the carrier may increase your current premium.
- Ask about discounts! If you have an auto policy or homeowners policy, you may qualify for discounts. Sometimes, you can score discounts for being on auto pay, having safety features in your vehicle, low-mileage discount, having a security system in your home, pay in full, etc.
- If you are on auto pay, ensure you have enough funds prior to your charge date each month. If your card declines while on autopay twice, sometimes carriers will require you to pay in full immediately or when your renewal date comes up.
- If you believe you need to make a claim, discuss it with your independent agent first. Sometimes, making a claim is not worth it compared to what the insurance carrier may adjust your premium to afterwards.
As independent agents, we are here to help you navigate the difficult times and steer you toward success. We can discuss with you your options and get you set up for success. If you’re looking for an insurance policy for your auto, home or business, give us a call at 509-928-7528 or fill out the form below. Our expert insurance agents can design a unique insurance portfolio tailored to meet your specific needs.
