When your auto and home
insurance renews this year, brace
yourself to see a higher premium.
Escalating costs
for replacement
materials and
labor for both auto
and home repairs
are significant
drivers of higher
premiums.
Unfortunately,
39% of all home
claims result from
severe weather
incidents, which
have dramatically increased in
frequency. These trends are negatively
impacting the personal lines insurance
industry as a whole, according to
Citizens Insurance/Hanover.
The key takeaway is that you should
strongly consider
increasing the
replacement cost
limit on your
homeowner’s
policy, and be
prepared to wait
longer should
you need repairs.
Contact the
MDA Insurance
personal lines
department
at personal-lines@mdaifg, or call
800-860-2272 to discuss your limits
and review recommendations.