My Insurance went up and I didn’t do anything Wrong!
Why Did my Car insurance go up? If you are the average driver in the Jonesboro Georgia area or in the Atlanta Metro area in general you may be wondering why did my insurance go up? let me count the ways. In tough economic times many people are taking a second look at their budget and trying to cut back wherever possible. Car insurance especially if you haven’t had an accident or ticket recently is the first thing people look at to cut expenses. According to informational web pages like nerd wallet there are many reasons insurance can go up do to no fault of your own. https://www.nerdwallet.com/article/insurance/why-are-car-insurance-rates-going-up#:~:text=The%20average%20cost%20of%20a,too%2C%20which%20affects%20insurance%20premiums.
Some of the reasons we will get to in this article here is a list of why Insurance premiums can increase year over year due to no fault of your own
-Your state had a state wide rate increase for the last year because of high claims activity or theft
-there was an increase in claims activity in your specific zip code where you garage your vehicle
-Parts and Labor has increased significantly year over year and it is more expensive to fix your vehicle
-The value of your vehicle has increased because of supply chain issues or scarcity of available replacement vehicles
-The average length of repair has increased significantly and should your vehicle need to be repaired the time that the mechanic will have your car and you will need a rental has increased
-Your vehicle has been identified as at greater risk for theft than comparable vehicles such as the recent thefts surrounding Hyundais and Kia’s due to tik Tok challenges showing how to break into and steal these vehicles
Why did my Home Owner’s insurance go up?
Your home owners insurance can go up drastically year over year due to factors that are beyond your control. Rightaway Insurance of Jonesboro has an interactive graphic that can explain further https://rightawayinsurance.com/personal-insurance/home-insurance/ Most good agents will write you a home owners insurance policy at replacement cost over such other options as actual cash value. You may be asking yourself what is the advantage to replacement cost Home Owners insurance over actual cash value. Replacement cost means should a major weather event or fire happen and your home needs to be rebuilt or undergo extensive renovations your insurance company whether
https://natgenagency.com/Login.aspx or https://www.travelers.com will look to rebuild your home at what it will actually cost in todays dollars to rebuild the exact same quality finishes and materials and what you had at the time of the lost as opposed to the diminished value of the materials at the time of lost. Using a replacement cost scenario your Home Owners insurance will need to increase annually to keep pace with inflation and the rising cost of materials that would need to be used to rebuild your home should this be necessary. In recent history we can recall during covid where prices of homes rose rapidly year over year from years 2019-2023 with this increase in home value the underlying asset became more expensive so naturally the home owners insurance covering this asset would also become more expensive in cost. You may not have had any home owners claims in the interim but should the insurance company need to rebuild your home and provide alternate housing for you and your family while this happens the cost is going to be greater in year 2024 than it was in 2020
Why did my Umbrella Insurance go up?
As you know Umbrella insurance covers your liability above and beyond your typical insurance limits. Many business owners and high net worth individuals see the value in having Umbrella insurance. America is a very litigious society and becomes increasingly so as we welcome in the new year. Because of increased cost of legal fees and launching a defense to protect your asset many consumers will see the underlying premiums of Umbrella insurance increase to keep pace with the increased cost of defending you should you become a party to a law suit. Some of the best companies that https:///www.RightawayInsurance.com uses to write umbrella insurance include
let our experiences brokers search for the best coverage for you and your family at the best premium.
