Throughout 2023, we saw constant and consistent increases in insurance premiums at renewals, regardless of individual claims history or driving records. The infographics below were created by Travelers Insurance to help explain the many factors effecting Auto and Homeowners Insurance premiums.
trendsautoconsumer_01042023 homeconsumer_01042023 HomeReplacementCostFINAL12822While there are many factors that influence rates, national claim frequency and severity remain top contributors. According to the National Oceanic and Atmospheric Administration (NOAA), natural disasters that cause losses of $1 billion or more have been steadily on the rise since 1980.
In addition to rising premiums, insurance providers are tightening new business restrictions, changing underwriting rules, and in extreme cases, going out of business altogether. As an independent insurance agency, we take pride in having the flexibility and attention to detail necessary to help clients through these trying times. As always, the agents at Kasmann Insurance remain committed to working with each client individually to find the best options. If you have questions about your specific policies, or want to look at quotes from other companies, reach out to Anne at 573-442-1105, or email anne@kasmanninsurance.com.