The insurance market continues to harden meaning high prices, increased deductibles and more difficulty purchasing insurance. Per the Insurance Journal:
January Renewals See Hardest Property Catastrophe Reinsurance Rates in Generation
According to the article: "...Gallagher Re noted that several buyers complained that their efforts to approach markets early with more detailed renewal presentations to address reinsurers’ concerns over inflation and coverage were not recognized. “Only a limited number of reinsurers were prepared to offer quotes in a timely fashion, leading to difficulties for clients and their brokers to find market clearing prices, terms, and conditions.”
What customers can expect is increased pricing for all lines of coverage and increased deductibles. Insureds also need to prepare for the possibility that pricing is not release until right before the renewal. Talk with your agent today to set yourself up for the difficult year ahead.