Hey fellow agents! Big news on the home insurance front. Looks like we're not just imagining those premiums getting steeper. ValuePenguin just did a massive survey, and get this: 72% of homeowners saw rate increases in 2023! 🤯
What's driving this? You guessed it:
- Inflation: Everything costs more, including rebuilding homes after a claim.
- Rising Home Prices: Replacement costs shoot through the roof.
- Climate Change: Wildfires, floods, hurricanes...more claims mean higher costs for everyone.
No wonder some clients are seriously feeling the pinch. 34% say it's harder to afford their insurance now. Yikes!
But here's the thing, agents: This is where we shine ✨. We can help clients navigate this mess. Here's what I'm thinking:
- Review, review, review Double-check their coverage. Are they underinsured? Could a higher deductible make sense?
- Discounts galore: Do they qualify for any they're missing out on? (Security system, updated roof, etc.)
- Shop around: Sometimes loyalty doesn't pay. Could another company offer a better deal?
Bottom line: Our clients need us more than ever. Let's get out there, be proactive, and find them the best coverage at the best price 💪.
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