Look at both sides
One of my clients pays close to 1m on insurance. No claims filed in 10 years that they have been a client.
Each year their agent starts sending me the panic articles. These usually report how rates for your property, wind, maybe flood can be increasing 60% or more. When he gets the quote (increasingly less than one week before the existing policy expires) and it has a 30% increase. As you may expect he brags about what a great job he did.
Last year he came and spoke before five of my clients (their B.O.D.) and started to blame lawsuits and legal costs for much of the increase. On the surface, this makes sense. I asked him what percentage of lawsuits did the carrier lose. How many denials did they issue which were then overturned. The answer was over 50%.
This is only one of many reasons insurance rates are going crazy. The policy that providers follow concerning providing a rate to an agent is another pet peave for another time.
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