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I’ve been getting quite a few questions on why insurance rates are going up. One of the main reasons is the insurance that the insurance companies buy has gone up 15% to 20%, maybe a little more. What that means is that the insurance company is paying a higher rate for their insurance. So it’s getting passed on to us.
A couple other reasons would be on auto insurance. It’s harder and harder to get parts and they’re more expensive. Also on homeowners, a lot of the companies have been raising what the cost estimator on your house is, what is to rebuild it because of the cost for wood, metal, different things like that.
So you’ll probably get in a rate increase on your homeowners, plus they’re insuring your homeowners for higher values. That’s one of the reasons that you’re getting the rate increase on your homeowners.
So if you have any other questions give us a call at New Frontier and we will be sure to answer those for you.
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