What Factors are Driving Up Insurance Rates?

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What Factors are Driving Up Insurance Rates?

We want to help you get the best deal on insurance. Contact us today to reevaluate your policies!

You may have noticed that your insurance rates went up recently. Although there are many factors causing the current rise in premiums, it never hurts to reevaluate your policy and make sure you’re getting the best deal. 

We can shop around for you to find the best deals. Contact us to talk with one of our advisors!

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Some of the factors that can affect how much you pay for insurance include:

  • Labor shortages
  • The cost of material goods
  • The rising prices of cars and homes
  • Loss events due to weather
  • Many, many more!

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Here’s why using an independent insurance agent is the way to go: 

  • It doesn’t cost you anything.
  • We do all the work comparing quotes and coverage to find the best fit for your life.
  • We’ll ask all the right questions when it’s time to renew to make sure your current policy still serves your needs.

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Why Are Insurance Rates on the Rise?

It feels like everything is more expensive these days, insurance included. If your home or car insurance rates have recently gone up, you may be curious as to why this has happened. At Legacy Insurance Partners, we’re very aware of the recent increase in insurance rates and want to provide more insight into why you might be suddenly paying more to insure your home and car.

What’s Driving Up Home Insurance Rates?

Since 2020, you might have noticed that your home insurance rates have steadily increased. Even though paying more for something isn’t ideal, the rising cost of home insurance is meant to ensure your property will be properly covered after a loss. Because of the recent rise in the cost of home construction materials, it would cost more than it did in the past to rebuild your home, and your home insurance premiums now likely reflect this.

What’s Making Car Insurance Cost More?

Like your home insurance policy, you’re probably paying more now to insure your vehicle than just a few years ago. Today, it costs more to settle auto insurance claims due to increases in distracted driving, high-speed accidents, and other driving behaviors. Additionally, inflation factors, supply chain constraints, and an increase in the cost of goods and services are also driving higher car insurance rates.

Talk to an Advisor

The rise in insurance rates may have sparked the idea to reevaluate your coverage. If you want to make sure you’re getting the best deal on home and auto insurance, don’t hesitate to contact your advisor.

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