Colorado Springs, CO, November 22, 2023 –(PR.com)– The insurance marketplace is tightening up and it’s happening fast. It is happening to homeowners, auto, and commercial property owners.
This is regardless of what state you are in. However, Colorado, California, Florida, Louisiana and Texas are being hit especially hard.
Carriers are pulling a full hard stop on issuing any new policies across the country, and carriers that have NOT put a moratorium on binding new coverage, are actually just leaving the market or they are selling to other carriers/merging.
If you have an auto, home or commercial property insurance policy, your rates have gone up, and if they haven’t, they will. This isn’t personal, it’s not based on a claim you may or may have not had; it’s simply the cost of doing business. If you have not gotten a rate increase, be prepared for one at your next renewal, if you get renewal terms at all.
Changes to who is covered, the cost of coverage, and how to handle rising costs are all changing factors in this current insurance market. Knowing how to choose an insurance agent comes down to finding someone who can navigate this complex market.
You can learn more about the ever-changing insurance market by clicking here.