If you have recently reviewed your insurance renewal policies, you may be one of many asking yourself, ‘why did my premium go up so much this year?’
Several trends have impacted home, auto and liability premiums, including weather and non-weather related losses (water), increased costs of technology in homes and automobiles, and rising costs for repair and reconstruction on homes. The following are important facts to consider:
To this end, we are sharing a valuable piece, “Market Trends and 2019 Opportunities,” provided by our partner, Chubb Insurance. The information discusses evolving exposures and risks and their impact on the property marketplace.
There are stories of people throughout the county who do not have adequate coverage, experienced a shortfall during a repair, or worse yet, when they had to rebuild. Scenarios like those described above could place your financial portfolio at risk. Your personal risk advisor team at Oswald Companies knows you have questions, and are here to proactively educate and provide you with peace of mind that your insurance program is soundly protecting your assets.
Do the major catastrophic events in other parts of the country impact my premium (hurricane and wildfire)?
No, the insurance carriers set premiums for the loss experience occurring in each state (and all rates must be approved by state regulators). Therefore, homeowner clients in Ohio will not be impacted by, for example, California wildfires. However, it is very important to note that, in the Midwest, the occurrence of ‘convective’ storms, storms producing wind, hail, cold/ice and tornado events, have been on the rise since 2001, from 5% to up to 80% (in 2017).
What can I do, proactively, to manage my insurance coverage and premium?
(Material derived from “Market Trends and 2019 Opportunities, Client Questions” Chubb Insurance, Jan, 2019)
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy