July 27, 2023

Not Great News On The Insurance Front

Not Great News on Insurance Front

It’s Not Great News on Insurance Front

With soaring Insurance costs, figuring out the insurance market and unveiling premium increases and the state of the industry can be a challenge.

On our latest episode of our TLC Tend Life Community podcast we sat down with local insurance broker Bernie Martin of Summit Insurance Group to take an in-depth look at the current insurance market and shedding light on the reasons behind the recent surge in insurance premiums. Our aim is to keep you informed about the state of the insurance industry, so you can make well-informed decisions to protect yourself, your family and business. Click Here to see what Bernie had to say.

Understanding The Premium Increase: The insurance landscape is going through significant changes, with premiums on the rise across the board. To comprehend what is happening we need to look at several key factors influencing the insurance market. Economic conditions, inflation, and changes in the frequency and severity of insurance claims are among the top contributors to this increase, but not all of them. Our local insurance broker expert Bernie Martin, who recently appeared on our TLC, Tend Life Community  podcasts, shares valuable insights into these trends, providing clarity on what you can expect in the coming months, and the news is not great.

Important Comprehensive Coverage: While insurance prices are rising, it’s essential not to compromise on coverage, in the show we emphasize the importance of having comprehensive insurance policies that suit our specific needs. Our expert highlights the types of coverage that are becoming even more crucial in today’s uncertain times, ensuring you and your assets are adequately protected against unforeseen events.

While Shopping Around Matters: With insurance premiums varying across provides, shopping around can become a powerful tool for finding the best value, especially when premiums are jumping anywhere from 30% to 100%, however we can’t expect to see big saving from shopping around, but it does provide an opportunity to give yourself an insurance health check and ensure you are maintaining the necessary coverage. Bernie shares tips to guide your decision-making process.

As the insurance landscape evolves, staying informed is paramount, we hope the episode 19 of our podcast entitled Coverage & Corks provides valuable insights into the current market, premium increases, and the state of the industry. Remember, insurance is a vital aspect of safeguarding your future, so be proactive in understanding your coverage needs and exploring the best options available. Let’s navigate the world of insurance together with our TLC community.  To watch the full episode of Coverage & Corks click here.

To Connect with Bernie Martin of Summit Insurance Group for a free insurance analysis. Go to www.summitigwa.com or email him at bmartin@sig-wa.com.