Car Insurance and home insurance markets are changing very quickly. You will see some increases in your car and home insurance bills when your insurance policy renews. Insurance companies are having a difficult time rating car and home insurance appropriately with all the inflationary factors.
Insurance Companies are Raising Insurance Rates
All Insurance companies are raising or have raised their insurance rates this year. Most are having an unprofitable year. This means they are losing money on their car and home insurance policies. Hard to believe, right? This is mostly due to the number of wind and hail storms that we have had this year. The cost of shingles for your roof have increased, the cost of siding for your home, the cost of windows, the cost of wood to make repairs to your home have all increased. This means that the claims on your home insurance are higher, which in turn means the insurance companies are spending more money on claims. For this year, insurance companies are paying more in claims than they are receiving in insurance premiums. When this happens, insurance companies raise insurance rates, whether you have had a claim or not.
Insurance Discounts for Bundling Car and Home Insurance
Only 3 months ago I posted that we were bundling car and home insurance about 50% of the time that we wrote a new auto and home insurance account. Over the last 3 months, we have bundled car and home insurance together 82% of the time. We are packaging car and home insurance most often with Safeco Insurance, Travelers Insurance and Nationwide Insurance.
The savings for bundling the car and home insurance together have played a major factor with this. When you bundle your car and home insurance, you can save 15% on each your car and home insurance policies. This is extremely helpful during these times of higher insurance rates. Up until early 2022, our insurance agency would write a lot of car insurance with Progressive Insurance. We would typically write a home insurance policy with Nationwide Insurance, Travelers Insurance, Auto Owners Insurance or Safeco Insurance and write the car insurance with Progressive Insurance. In 2022 Progressive Insurance took a large rate increase. Maybe the largest in their history. Since this increase, we have not been able to place car insurance with Progressive so easily. Other insurance companies have taken rate increases, but not on the scale that Progressive had.
Great Car and Home Insurance Rates
We have been writing 62% of the insurance car and home insurance polices that we are quoting. This is a huge number. This means that we are writing policies on most of the insurance quotes that we providing. Our Insurance Agency has very competitive insurance rates with our insurance companies. Anyone looking for a car insurance quote or a home insurance quote should contact us for the best insurance rate. We make the insurance quote process very easy for you. Call or text 763-767-0522 to get started or start with the short contact form listed below.