Four Reasons Insurance Rates Are Skyrocketing

June 04, 2023

Credit: www.allnews.ch

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 home insurance sales in California. Another major insurer just announced that it will severely restrict new sales in several states. (Please read more here.)

It’s okay to be indignant about all of this. But you still need to be able to navigate your way through these economic waters. Which is why you need a true professional on your side.

At EPS INSURANCE, LLC we are financial EDUCATORS. We don’t just crunch numbers and spin out quotes. We find SOLUTIONS that protect you, your family, and your business PROPERLY. And we make it a point to walk through every line of your current coverage as well as our proposed coverage to make sure you UNDERSTAND what your insurance TRULY MEANS.

We look forward to serving you.