We are all seeing higher than usual insurance prices this year. Today I heard someone tell me that they were told by another local insurance agent that the reason for their increase was due to inflation. That was the first I had heard this reason and, in my humble opinion, it does ring true to our agency’s experience.
In the past we have either seen increases in property premiums or the liability premiums, but not both at the same time. In our experience there are multiple reasons leading to mass rate increases.
- The reinsurers (insurance for insurance companies) are increasing their pricing to the insurance companies and the insurance companies are passing the increases on to all of us.
- We are seeing more lawsuits, which is causing the General Liability, Directors & Officers and Umbrella premiums to increase
- Here in South Florida, we have to consider the impact of Surfside last June, which has caused restrictions with Property, General Liability and Directors & Officers carriers when quoting condominium association as well as many association umbrella markets no longer writing in Miami-Dade, Broward and Palm Beach counties.
This is definitely a crazy time for the insurance markets but if we all weather the storm hopefully it will settle down soon. It has never been more important to work with a trusted consultant who can help you navigate the insurance marketplace. Give Park & Associates a call today to learn more about your options and our solutions!
If you have any questions, please feel free to call us at (561) 994-0880.