This article is written by Tammy Canfield, a Lead Sales Representative at Comparion Insurance Agency, and a CTPOA vendor member.
Why are home rates, especially Landlord policies, escalating so much these days?That is a question I get daily. Some the of largest increases we have endured have occurred within the last 4 straight years. With the cost of everything rising (labor, lumber, gas and all parts that go into a home), this has put an additional burden (cutting into profits) on the investor/property owner community. In 2022, Connecticut P&C claims totaled approximately $6.4 billion (according to NAIC) and that number has continued to rise. And despite improved returns in the investment market, many insurance companies have struggled as claims costs have exceeded what they charged historically for premiums. In 2023, the P&C industry absorbed a $21.2 billion net underwriting loss. In addition, the frequency of severe weather-related claims has increased significantly causing, not just rate increases, but underwriting limitations on homeowners.
So how do we survive as business owners as the rates continue to rise? Regardless of rate it is imperative that you have the appropriate coverage to ensure that your property is repaired/replaced in the event of a claim for both property damage and liability concerns. There is no point in getting insurance if you are not going to get the right stuff. And then it’s important to shop around. I know it’s a pain to shop every year but that is why I am here for you. When you get your renewal and you are unhappy with the renewal rate, call me to completely evaluate your coverage and seek out the best possible rate in the market today. In this insane time, we are living in right now with all the attacks on us as property owners it would be nice to get a little bit of break on a very big part of our business expenses.
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Office 203-805-0236
Cell 203-695-3893
Comparion Insurance Agency
A Liberty Mutual Company
751 Straits Tpke
Middlebury CT 06762
