Insurance rates just had their biggest annual jump in 47 years.

Home insurance costs are soaring, up in most cases 21% or more just this year.

The increase in the rates is due to extreme weather that’s hurting insurance providers ability to stay in business as it pays out more claims for damage in storm-ridden areas. State Farm released that the company’s annual claims paid for hail damages increased more than $1 billion from 2021 to 2022. 90% of homeowners saw their home insurance premiums rise last year. Massive fires across the country are to blame as well. State Farm and Allstate have left California due to “rapidly growing catastrophe exposure.”

The cost of car insurance is up on average 19%.

Car thefts in the first half of 2023 were 104.3% higher than the same period in 2019.
Couple that with the number of fatal auto accidents that jumped sharply in last few year. "People picked up some risky habits," says Sean Kevelighan, CEO of the Insurance Information Institute. "And we haven't seen those risky habits go away, even though we have more people on the road.".

Lastly – Covid restrictions caused parts shortages and average new car prices spiked — by 17.2% on average each of the last few years.

Bottom Line
Insurance is going up faster than ever before with no real end in sight. Insurance companies are getting more and more picky about who they will even accept to insure. If you have a 20-year-old roof companies are now declining to write the house. If you have more than 3 moving violations in 5 years on your driver’s license you are high risk and will be turned down by most companies and pay much much more than if you are violation free.

The solution – Shop to an independent insurance agency that has more companies that can offer more competitive rates.

We are an independent agency that can shop customers to several major insurance companies to make sure that you get the best coverage at the lowest possible rates!

Brew City Insurance Agency Inc. is located at:2937 S Chicago Ave. in South Milwaukee between Pick N Save and Walgreens. Stop in today and see what we can do for you!
Or call 414-762-6600 and we can quote you right over the phone. We have several companies to choose from.
Visit our web page at - brewcityinsurance.com