Why Are Home Insurance Rates Rising?
Homeowners insurance is one of the most essential types of coverage acquired and maintained by Americans. Moreover, it may now be more important than ever, as claims costs continue to rise. Prospective and current policyholders should be aware of recent economic patterns and relevant industry trends to better understand changes in their coverage or costs….
Why Are Auto Insurance Rates Rising?
Increasing auto insurance premiums have been troubling for policyholders and their wallets. According to statistics released in May 2023 by the U.S. Department of Labor, auto insurance premiums increased 17.1% in the previous 12 months. Although the cost of insurance may change each year for various reasons, the following information can help shed light on…
Trends Impacting Commercial Insurance Costs
Recent market developments have demonstrated signs of an improving commercial insurance landscape. Yet, industry experts asserted that ongoing headwinds facing certain lines of coverage will continue to generate hardened conditions overall, therefore driving up premiums. As such, it’s essential for businesses to be aware of the following market trends and how they may impact coverage…
2023 EPL Insurance Midyear Market Outlook
Due to difficult segment conditions, most employment practices liability (EPL) insurance policyholders experienced rate jumps throughout 2022. These rate increases varied based on sector, location, exposures and prior losses. In the first half of 2023, modest rate hikes have become the norm, with premium pricing rising by between 3% and 7% during the first quarter…
July Is Vehicle Theft Prevention Month
Vehicle theft has soared in the United States in recent years. In 2022, vehicle thefts surpassed 1,000,000 – a 25% increase from previous years. This equates to roughly one vehicle stolen every 32 seconds in the United States. To help drivers keep their vehicles safe, the U.S. Department of Transportation’s National Highway Traffic Safety Administration…
