Don’t Worry, Your Insurance Premiums are Going Up!
Expect Premiums to Rise
According to the P&C National Underwriter website, recent legislation imposed by the Obama Administration may hasten the expected rise of insurance premiums for 2010. While, many economists have predicted that property/casualty insurance market would begin to harden in 2010, (Find out more about Insurance Market Hardening here), recent financial service industry regulations may force Insurance Carriers to hold more capital reserves. The immediacy of this legislation is predicted to steepen the expected rise in premiums causing renewal premiums to be significantly more harsh than the last few years.
A hard market means as an insurance consumer you need to lean more on your Broker for their expert guidance. In a hard market the best “deal” is less often the best insurance. Be careful, and ask questions. If your broker will not give you the time to ask questions, or is unwilling to find answers to your questions, this is the opportunity to find more invested representation.
Good Luck!
Ryan H.
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