If you are looking for home and auto insurance, you may have noticed that the rates are higher than usual, and the coverage options are more limited. This is because we are in a hard market. Here is what that means:
That means that the insurance industry is facing higher claims costs, lower profits, and stricter regulations. A hard market can last for several years, and it can make it difficult for consumers to find affordable and adequate insurance.
So what can you do to find the best home and auto insurance in a hard market? Here are some tips:
- Shop around. Different insurers may have different rates and policies for the same risk, so it pays to compare quotes from multiple sources. You can use online tools, call different companies, or visit with an independent insurance agent (like us) to get quotes from multiple insurers on your behalf.
- Bundle your policies. Many insurers offer discounts if you buy more than one type of insurance from them, such as home and auto. Bundling your policies can help you save money and simplify managing coverage, billing, and claims.
- Increase your deductibles. A deductible is the amount of money you have to pay out of pocket before your insurance kicks in. By choosing a higher deductible, you can lower your premium, but you also have to be prepared to pay more in case of a claim.
- Review your coverage and discount opportunities with your agent. New coverage and discount options may be available since your last review, especially if you have recently updated your home or roof or installed safety equipment like burglar and fire alarms.
- Talk to an Independent Agent. Independent agents (like us) shop with multiple insurers to provide you options or place your coverage with a company best suited for your unique needs.
As an independent agency, we at Loftis & Wetzel Insurance can help you find the best home and auto insurance in a hard market by shopping around for you. We’ll work with you and our insurers to tailor a policy that meets your unique needs and budget.