Will it be April showers or May flowers for policy holders this spring? With the new year and the geopolitical climate, there’s a lot to talk about!
Auto Insurance In Spring
Gas prices are high due to Iran negotiations, supply and demand scuffles leftover from the pandemic and labor issues, and now the new ongoing conflict in the Ukraine. The auto resale market has been struggling, with many opting to purchase new, unused cars for surprisingly cheaper than some used car models, which means higher auto insurance rates. With the weather becoming nicer, it’s also a known fact that more people will be out on the road enjoying the spring and summer weather. If you’re not careful, you could risk raising your rates. That being said, if insurance can keep pace and evolve with these shifts, there should be a fair amount of stability in auto insurance rates despite their predicted increase.
As expected in a global pandemic, people are going to the hospital more often that they may have before. This means that insurance premiums are likely to go up as a result of elevated claims, a process often called a “hardening” of the insurance market.
One interesting development is the progression for insurance companies to become digital-only, bringing more freedom and choice to consumers. This makes marketplaces even more crucial than before once November comes around. A low start-up cost a wide market has the chance to net you better deals due to competition.
Real Estate Insurance – Home and Business
Despite the market setbacks in 2020 and 2021, the real estate industry has a positive outlook in 2022.
Businesses are rebounding, resulting in higher sales of business insurance and
residential home buying frenzies are cooling, which will create higher demand for home insurance coverage.
Another factor to consider is climate change effects in high-risk areas. Homes near the shore, in areas prone to flooding, high tornado and hurricane risk, or around wildfires may be liable to higher insurance premiums. 2020 was one of the most active hurricane seasons to date and that’s probably not going to be changing anytime soon. Make sure you get the best rate with a trustworthy company today. Bleiler Insurance works hard to ensure your insurance plan fits your life and your needs best!