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Inflation is an economic phenomenon that affects various sectors, including the insurance industry. Home insurance rates, in particular, have seen a noticeable rise in recent years, primarily driven by inflationary pressures. In this article, we will explore how inflation has impacted home insurance rates from the perspectives of both insurance carriers and consumers. Additionally, we will provide valuable tips on how consumers can protect themselves amidst this market turmoil.

The Insurance Carrier’s Perspective on Inflation

Insurance carriers play a vital role in assessing risks and setting premiums for homeowners. From their perspective, inflation affects multiple aspects of the insurance industry, contributing to the rise in home insurance rates:

a) Increased Cost of Rebuilding: Inflation drives up the cost of building materials, labor, and construction expenses. When catastrophic events occur, such as hurricanes or wildfires, the cost of rebuilding and repairing damaged homes escalates significantly. Insurance carriers need to account for these higher costs, leading to an increase in insurance premiums.

b) Higher Claims Costs: Inflation not only affects rebuilding costs but also impacts the price of everyday items. As a result, claims costs for stolen or damaged possessions rise, influencing the overall risk exposure for insurers. To compensate for this increased risk, carriers adjust their premiums accordingly.

The Consumer’s Perspective on Inflation

For consumers, rising home insurance rates can put a strain on their budget. Here are a few ways inflation affects homeowners:

a) Increased Policy Costs: When insurance carriers raise their premiums, homeowners may find themselves paying more for the same coverage. This can create financial stress and force consumers to reevaluate their insurance needs.

b) Impact on Homeownership: Inflation can also affect home values, which subsequently impacts insurance rates. As property values increase, so does the replacement cost of a home, leading to higher premiums for homeowners. This can make homeownership more expensive and potentially affect affordability.

Tips for Consumers to Protect Themselves from Inflation

Despite the challenges posed by inflation, there are strategies consumers can employ to safeguard themselves against rising home insurance rates:

a) Shop Around and Compare: By having an Independent Insurance Agent such as Good Apple Insurance with access to multiple carriers can help save you money. They shop around and obtain multiple quotes to find the best coverage at the most competitive price. Consider factors like coverage limits, deductibles, and customer reviews to make an informed decision.

b) Review Coverage Regularly: As property values and inflation fluctuate, it’s essential to review your coverage periodically. Ensure that your policy adequately reflects the replacement cost of your home and possessions. Over time, consider adjustments to keep pace with inflationary pressures.

c) Bundle Policies: Many insurance carriers offer discounts when homeowners bundle their policies, such as combining home and auto insurance. Consolidating your coverage with one insurer can lead to cost savings and potentially mitigate the impact of rising home insurance rates.

d) Increase Deductibles: Adjusting your deductible—a portion of a claim you agree to pay out of pocket—can help lower your premium. However, it’s important to ensure you can comfortably afford the deductible amount in case of an unfortunate event.

e) Enhance Home Security: Taking steps to improve your home’s security can reduce the risk of theft or damage, potentially lowering your insurance premiums. Installing security systems, smoke detectors, and deadbolt locks are some measures that insurance carriers may reward with discounts.

In Conclusion

Inflation has undoubtedly influenced the rise in home insurance rates, affecting both insurance carriers and consumers. While carriers must adjust premiums to account for increased costs and risks, consumers can protect themselves by being proactive. By shopping around, reviewing coverage regularly, bundling policies, considering deductible adjustments, and enhancing home security, homeowners can navigate the market turmoil and secure affordable and comprehensive coverage. Remember, staying informed and making informed decisions is key to weathering the storm of rising home insurance rates.

Just like a cheeseburger, you want toppings so it will be delicious to the taste. The same idea applies to your car insurance policy; you want options. It is not because you only want to save money; no, you want the best options. Don’t just grab basic coverage. Check for insurance coverage that protects you. 

You have to use good judgment, especially since we are talking about more than your car here. You want to protect your investment, but you also need to consider which company will protect you in a lawsuit. 

Good Apple Insurance compares insurance to get the best auto insurance while saving you money wherever possible!

One practical way to save on your auto insurance policy is by comparing the quotes from multiple sources. Getting quotes from several companies means that you should consult with an independent agent for those quotes. All you need to do is call Enza at 717-814-5084 for reliable auto insurance comparisons and leave the work to her. 

You can upload your current policy to our form (https://link.insurgrid.com/good-apple-insurance) with your insurance policy’s coverage page and click the button to submit it. After which, you will receive an email with the best quotes. With so many choices on your list, you can now compare the coverage content and the monthly premiums you should pay. 

“Important facts about the car insurance quotes” 

Here they are:

Each state requires automobile owners to carry auto insurance. Good Apple Insurance is a licensed insurance broker in Maryland and Pennsylvania. 

The insurance policy covers your car, bodily injuries, and property damage, and insurance covers the vehicle and the driver and any passengers involved in an accident. 

 

Some auto insurance companies make the “accident forgiveness” feature available, which means that the policy premiums are not raised after one accident. 

Some companies offer military discounts, such as USAA. It would be best to compare your rates with a qualified broker still to ensure you are getting the best rates. Save more; you can inform the company about where your car will be parked when you are not at home.

Overall, an in-depth understanding of these insurance basics will lead to more auto insurance savings! So, only choose the best policy coverage that you think will suit your needs best.

Good Apple Insurance

1585 N Queen St

York, PA 17404

717-814-5084

An insurance agent, who may also be an insurance broker, helps you shop for home or car insurance. They look at what you have and compare available rates and coverage options and in most cases can save you money. It is a free service we provide to make sure you get the best possible coverage for the best possible rate.

Insurance agents work to understand your personal needs by asking some simple questions and gathering pertinent information, and then finding the most suitable options. You can also upload your current policies using the link provided here: https://app.insurgrid.com/good-apple-insurance

These insurance agents don’t decide on the price you pay—that’s done by the insurance company. They shop for the most competitive rates and find many different types of discounts to help you save money, such as multi policy, multi vehicle, low mileage usage and claims free discounts.

With Good Apple Insurance, licensed in Pennsylvania and Maryland, buying car or home insurance isn’t a pain. We do the shopping for you. Finding and comparing similar policies is often very easy because of the tools at our disposal. And we have helped many people save money or get a better policy.

Types of Insurance Brokers

All insurance brokers must meet your state’s licensing requirements to sell policies. Upholding and enforcing qualifications and licensing protects consumers’ interests and the insurance industry as a whole.

There are two types of brokers: independent and captive. Understanding the difference can help you better navigate your search for a policy.

Independent insurance agents work with various agencies to help you find the most suitable policy. Since they work with multiple companies, they won’t pigeonhole you into one coverage option and often find you the best rate.

Captive insurance agents only represent one car insurer or one group of related insurers. In this arrangement, the broker can offer policies only from that specific company.

Using an Independent Car Insurance Broker

Working with an independent car insurance agent/broker can help the process pinpoint the best coverage options for some people with lower insurance costs per month or extended coverage. Be sure to tell Good Apple Insurance your overall goal.

Here are a few benefits you may find when working with an agent or broker.

Shops on your behalf

Once we identify your needs, we can compare rates and coverage options with the many carriers we work with. This means more competitive rates and better options for the customer.

Identifies the proper coverage.

You may not be sure what coverage is right for you. We identify what coverage options suit you best, and make suggestions based on your specific situation. Some customers might buy too much while many others don’t have enough. Good Apple Insurance’s expertise can point you in the right direction and minimize the risk of over-or underinsuring.

Expertise.

Not only do we help you find the right coverage, but we also help with billing, policy changes and claims and more! Our agents make it easier to help customers with insurance their needs.

If you want to save on auto insurance, there are plenty of ways in which you can lower your premiums. That is what we help people do, find lower auto insurance rates and even increase their coverage without paying more whenever possible.

Don’t go without insurance. If you drive your car without insurance, you are driving illegally. Good Apple Insurance can help you get reasonably priced insurance by comparing your options with what is affordable and still protect you.

Some available Insurance discounts.

Call Good Apple Insurance (717.814.5084) and have an expert compare your options. There are many ways consumers can get discounts on their auto insurance, and we know how to find them.

• Auto Insurance discounts are available for teenage drivers with better grades who are good drivers.
• Discounts for cars with low mileage usage.
• People who are paying in full. You’ll discover that the discount you get off your yearly policy will be well worth having, and it saves you the hassle of having to make monthly payments.
• Customers that make EFT or automatic payments.
• And attending defensive driving courses are great ways to get discounts.

Save on auto insurance by changing your deductible.

A $1000 deductible for collision vs. $500 can save you money, especially on high-end vehicles.

If you are driving an older car, you may even want to drop the collision coverage. What you may be paying for the collision coverage may be more than it’s worth.

Please note that insurance providers only pay for what the automobile is worth and not its total replacement expenses.

Bundle Your Insurance Policies.

Purchasing multiple products from the same company, such as homeowner, umbrella, and auto insurance can earn you savings. Even having a boat or motorcycle policy can get you a multi-policy discount.

Protect your credit score.

Most people don’t know that having a good credit score impacts the amount you pay when buying auto insurance.

Let us Shop and Compare Auto Insurance Policies for you.

Shopping and comparing is one of the best ways to find an insurance company that can provide the best deal in auto insurance to your particular needs.

Call Enza at Good Apple Insurance. She is a licensed insurance agent who knows how to shop and compare your policies to provide coverage for the best possible rate.

Your Vehicles.

Insuring more than one vehicle can get you a multi-car discount. Many households have two or more cars, and when you put them all on the same policy, it reduces the cost to insure each one.

Insurance companies may rate how much a car’s insurance is based on your vehicle’s safety records. A car with many safety features such as blind-spot warning and automatic breaking may lower your insurance premium.

Phone: 717.814.5084

Email: info@goodappleinsurance.com

Location: 1585 N. Queen Street, York, PA

Serving Maryland and Pennsylvania Auto Insurance

I had a gentleman come into my office with a copy of his current insurance policy that he purchased online from an 800 number. He said he was looking for the cheapest insurance for his new car. Well, the agent that wrote him the policy did exactly that! Yep….got him the cheapest policy out there. Seems like that would be a good thing right? Well….turns out it wasn’t!

This is why you need Good Apple Insurance as your trusted local agent. Is it convenient to buy a policy online? Or call a company you found online? Maybe depending on how you look at it, but it can also have unintended consequences. Not only are we just as convenient but we have many resources to help you. We look out for you the customer vs an online company that only represents themselves.

When the customer’s vehicle was hit while parked he tried to call the agent to turn in a claim. The customer, unfortunately, could not get a hold of the agent so he called the company directly. Once he spoke to a claims rep there that is when he found out his deductible was $2000! The damage to his vehicle was just about $2000 therefore the company paid absolutely nothing! He had to pay to fix the damage to his car out of his pocket.

The online company seemed to only care about selling the customer the cheapest policy. When the time came that cheap price did nothing to help the customer and actually cost the customer $2000 the pocket expense.

As his personal insurance agent, I was able to review the coverage he had with the online company and I was able to counsel him on what was going to be his best options for the type of coverage he needed and the amount of coverage that suited him best. I was able to offer him a $500 deductible and better policy limits all around. He felt so much better-having insurance that would work for him than what he got from the online company.

Want to know what is crazy? The price difference was only $20 bucks more a month with one of my top carriers than what he was currently paying with the online company. That extra $20 for the right policy was worth every penny it to him. He knows now that if something happens he won’t have to shell out $2000 especially as he is on a fixed income now with being retired.

It doesn’t cost anything extra to have Good Apple Insurance as your agent! We are your best resource for insurance advice. I care about my customer’s financial well-being. I will make sure you have the best coverage for the best possible rate. Insurance should work for you when you need it most. What’s the point in having insurance and then not having it payout when a claim happens?

Water back up loss happens when water or water-borne materials back up into your home. This comes in through sewers, drains, a sump pump, or related equipment and can cause serious damage. It can also be caused by sump pump mechanical failure, aging pipe lines, tree roots damaging the water lines, or electrical outage where the pump cannot run. Water backup is a common type of loss that occurs in many homes but many insurance companies don’t cover this on a standard homeowners or renters insurance policy.

There are a lot of misconceptions about who is more likely to experience this type of loss.  Truthfully, it doesn’t matter if you rent or own your home,  live on a hill or don’t even have a basement in your home. Water backups can happen to literally anyone! It is actually one of the more common type of claims that homeowners experience and one of the messiest ones to have to deal with on your own. Without this endorsement you could be stuck paying the price for the cleanup and damages out of your own pocket and it can be costly.

Water damage is something you do not want to handle cleaning up yourself. Water gets into every crevice, nook and cranny of your home. It can get into areas that you cannot see and cause mold and mold spores to grow. Mold exposure can cause severe illness or even death especially if you have respiratory or allergy issues. It is best to hire a professional to take care of this as they have the necessary tools, products and equipment specifically for water and mold damage.

Water backup is an optional coverage that you can add to your policy. Well, how much does it cost? Its more affordable that you might think! You’ll typically pay anywhere from $30 to $250 a year. Considering the average claim is around $5000 it may well be worth your while to have this coverage on your policy. Talk your agent today to get a home insurance quote that includes water backup coverage. They are an excellent resource to help you learn and understand how this often overlooked coverage can benefit you and your home. Your home is one of your greatest assets. You want to make sure you have the best home insurance protection in place in case of a disaster.

You may also want to consult with an expert such as a plumber or a home waterproofing company. They can inspect and determine how best to avoid a loss from occurring by placing backup prevention valves or installing the proper drainage systems in and around your home.

 

Things you can do to prevent a backup are:

*Avoid pouring grease and fat down the drain.

*Do not flush items like paper towels, feminine hygiene products or diapers down the toilet.

*Install a battery back up for your sump pump (in case of power outage).

*Have your sump pump checked and cleaned annually. Run it every season to make sure it is still operational.

*Inspect your yard and surrounding area of your home to make sure the landscaping and irrigation systems are helping water flow away from your foundation.

*Have the tree roots trimmed and kept away from your underground sewer pipes.

*Replace old metal or terra cotta pipes with plastic or PVC pipes to prevent tree roots from causing them damage.

*Check your gutters and downspouts are allowing the water to flow properly and away from your home.

The following is an opinion article written by Seth Birnbaum, CEO of EverQuote.

In today’s digital age, the processes of many industries are moving to a predominantly online space. With multiple devices that access the internet at any time or place, customers now expect the information they’re looking for to be available at their fingertips. This is especially true in the auto insurance industry, with insurance companies developing mobile apps that make it easier for customers to submit claims and view policy information from their phones or computers. And when you consider consumer buying habits, the trend is clear: 71% of auto insurance shoppers started online last year.

Because of such increased digitization, some may wonder why auto insurance agents are important. If consumers are shopping online, what is the point of having an in-person intermediary? Are they needed in a world that is so integrated with the internet?

The answer is yes. Auto insurance agents are still needed in the modern world and in fact, they are as important today as ever before.

Agents are still the most common purchase method of auto insurance

A 2016 J.D. Power study found that while 74% of consumers do use insurer or marketplace websites to obtain quotes, only 25% actually buy their insurance policy online. In-person and over-the-phone contact is integral to a sale. Despite all of our high-tech gadgets and devices, consumers still value human contact over all else. A website, virtual agent, or mobile app is not always a good enough replacement to handle a more complex product like auto insurance.
Consider the following statistics:

• While shopping starts online, 50% of auto insurance shoppers close a purchase through direct contact with an agent, and 22% do so by phoning a call center.
• 74% of consumers who have never purchased an auto insurance policy online cite the desire to meet or speak with an agent as the top barrier to future online policy purchase.
• Only 10% of agency writers’ new business is closed on their website. Consumers still want to talk to a person to have their questions answered.

 

What Can’t Be Replaced with Digitization

 

While insurance may often be perceived as a commodity, it is still a complex and difficult product to configure. There are several types of coverage, deductibles and options available as well as different levels of mandated coverage from state-to-state in the US. With bundling options, laws and discounts—it can be difficult to create an online experience that gracefully handles such complexity.

That’s why insurance agents are so important. While consumers may start their search online, they don’t end there. Agents provide consumers with more than a policy sale, and no online bot can replace that level of expertise. Agents are knowledgeable, offer advice and help auto insurance shoppers make informed decisions. Consumers can make sure that they are getting the right coverage and ask any questions they have about their policy. Additionally, agents are often more aware of available products than consumers are and can assess consumer risk management or help determine the level of coverage that is needed for unique situations. They may also know about discounts and current trends that consumers do not know of and that a website or app will be challenged to present clearly.

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Furthermore, 88% of insurance consumers are looking for more personalization in insurance. Agents can help satisfy that demand with over-the-phone or in-person contact. While websites can personalize messages and sales, agents can often do more. Good agents know their customers, and that offers a unique value proposition to consumers, as all of their questions can be answered in one place and their agents are aware of their needs.

That said, insurance shopping is a multi-channel experience. Agents and insurers need to create a seamless online to offline transition to avoid the risk of losing potential customers. If customers start their search online, they need a way to get in touch with an agent quickly. While insurance carriers spend billions of dollars on marketing each year, they often struggle to acquire desirable customers for their underwriting preferences. On the other hand, agents often lack the scale and technology to compete online. Services and software from online marketplaces are available to help agents cross over the barrier from digital to phone and in-person contact.

Today’s technology does not impede the value of insurance agents – in fact, it proves their worth. Agents only need to understand how insurance consumers are shopping and use that to their advantage. Considering that price is the main factor involved in a consumer’s decision to purchase insurance, it’s critical that agents leverage the tools necessary to make themselves readily available online so consumers have the best opportunity to find the right coverage at the right price. Agents are knowledgeable about what their consumers need and how to find it. This distinct advantage, coupled with a strong online presence, will help them succeed in the modern digital world.

The preceding opinion article was written by Seth Birnbaum, CEO of EverQuote. The views expressed within the article are not necessarily those of Insurance Business.