The State of Personal Lines Insurance in 2024
The insurance industry is feeling the changes in our current economy. Rising insurance premiums are a reality due to a few factors. Our CEO & Founder, Dan Vander Kooi, shares a brief update and encouragement to you on these realities below. Watch the 3.5 minute video or read through the transcript provided.
We are here for you and ready to support in any way we can! Please reach out with any questions or to set up a time when we can discuss your specific insurance options.
Video Transcript:
Good morning everyone. Dan Vander Kooi here with Manna Insurance Group, and I wanted to give you a little update about what's going on in the insurance industry. A lot of you have seen it. I've seen it on my own policies, rate increases are not even coming down the road. They're here.
Inflation has really been catching up to insurance and we're seeing it right and left.
It doesn't matter whether you're through a broker, a captive agent, like a State Farm or Farmers, or you're in this market. It's one of the things that's just catching up to things. On top of that, carriers are just starting to actually not write business.
It's something I've never seen before. I've been doing this about 14 years. We have someone in our office who's been doing this about 38 years. She's never seen anything like it, and we have carriers, multiple carriers now have just flat out said, "We're not writing any new business."
And what that means is it's a lot harder for us to find different carriers to go to maybe just to save on rates.
It's hard to price shop right now.
A lot of times we're lucky if we can find coverage for people. And so we want to give everyone just kind of a heads-up that that's going on. Our team's still here to work hard and to try to serve you well, but it's just the reality of it.
We have other carriers that will write the auto insurance, but they've said, "We're not going to accept any new homes right now." Other ones have said, "Well, we'll write a home policy, but the roof has to be 15 years or newer," things like that. Yet two other carriers said, "We'll write a home policy, but it has to be built within the last 25 years."
So these are kind of the challenges that we're facing, and it's just one of those deals where we'll do our best to find something for you. But a lot of times you're going to see a rate increase and it's hard to say, but we want to be aware that you might not be able to get coverage elsewhere, so it might be best to stay where you're at.
The other thing I can just really encourage you with is really, if it's a small claim, if you can pay cash for it's probably going to be your best bet having claims or any tickets or violations on your record. We're finding companies are just coming in and saying, "There's a ticket in the last three years, we're going to non-renew them," and then it's hard to find coverage elsewhere. So these are the things going on.
Our team is here, we're family and locally owned, and we want to serve you well.
And so maybe you have a policy somewhere else, but you're not getting the response you want or someone answering the phone or someone to just walk in the door and we're here to meet with you. Feel free, you can move those policies over to us and we'll do our best to see if we can find you something. But the reality is right now it's really hard to find different coverage out there. And so we just want to make you aware of that, what's going on. Our team's working really hard. We're getting inundated every day with people looking for a cheaper price, and it's just hard to find right now. So want to just be upfront with everyone, let you know what's going on.
Don't hesitate to call and we'll have a conversation with you and see where you're at and what we think we can do. But we felt like it was about time to just let everyone know what's going on and we'll have some updates on this.
We're going to be recording a podcast here next week to talk a lot more in depth about this and have a lot more details on that, but we figured it'd be good just to send something out for the time being and just try to communicate well and let us know if you have any questions. Reach out to us and you can always find more information on our website at mannainsurancegroup.com.
