Showing posts from June, 2023

What Do I Do If My Insurance Company Leaves My State?

By Doug Newman A forest fire in Colorado and hurricane damage in Florida. (Photo credits below.) Like all industries, the insurance industry is in a constant state of flux. And over the last few years, economic trends and natural disasters have sent things into overdrive. Hurricanes in coastal areas from Texas to North Carolina, as well as fires in Colorado, California, and other states, have caused several carriers to either suspend or severely restrict new sales in several states. In Colorado, where I live, hailstorms have been a major contributor to this trend. The good news is that you can still get insurance. However, there are five very important things you need to know.   Find a good professional agent with whom to discuss your specific situation and who can make specific individual recommendations . NEVER leave this to the whims of a cell phone app or a call center. Preferably find an independent broker who can shop multiple carriers. Know that your new insurance pol

Four Reasons Insurance Rates Are Skyrocketing

  Credit: By Doug Newman - June 4, 2023 “I didn’t file a claim, so why did my rates go up? We hear this every day in the insurance business and with good reason. And you, the consumer, are entitled to an answer. While numerous factors have influenced these increases, I think there are four main ones. Inflation, which is at a 40-year high and affects the entire economy. Insurance companies are not bottomless money pits and when their costs go up, they must adjust their rates accordingly. The increase in crime. Catalytic converter thefts , for instance, have increased dramatically. Colorado, where I live, leads the nation in auto theft . A 17 percent increase in automobile fatality rates over the last 3 years. Natural disasters. Hurricanes have done massive damage in Florida and in the coastal areas of states from Texas to North Carolina. Forest fires have done massive damage here in Colorado. And high rates of fire claims have prompted several major carriers to suspend