Auto And Homeowners Insurance – Historical inflation and other related trends have increased the cost of repairing and replacing homes and vehicles, and these higher costs are forcing insurance carriers to increase home and automobile insurance premiums.
We want to make sure you understand the factors behind premium increases so we can explain them to our customers at renewal.
Auto And Homeowners Insurance
If you’ve shopped at Home Depot or Lowe’s lately, you’ve probably noticed that the prices of building materials have increased dramatically. In the first year of the pandemic, lumber prices alone rose by 42%.
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To make matters worse, there is a shortage of at least 200,000 skilled workers in the construction industry, which increases the labor costs associated with construction. Around 60% of the manufacturers surveyed report a shortage of skilled workers.
Combined with the high cost of building materials, this made home supplies significantly more expensive for transportation companies.
The ongoing shortage of microchips and other critical components such as wiring, plastics and glass makes it more expensive to repair or replace a vehicle after an accident.
Automakers recently reported that U.S. dealers had fewer than 1 million new vehicles on their lots in August 2021, a 72% decline from August 2019.
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– and this deficiency increases costs. Between October 2020 and October 2021, new car prices rose 10.6%, the largest 12-month increase since 1975, while used car prices rose almost 32%.
At the same time, accidents have become more frequent and serious over the past year, leading to an increase in the number and cost of traffic injuries. In the first half of 2021, the number of road deaths increased by 16% compared to the previous year and almost 2.5 million people suffered injuries that required medical advice.
Of course, some policyholders shy away from higher premiums, especially if they are unaware of industry trends. To set expectations and moderate renewal purchases, we are testing a plan to notify customers of premium increases and why they occur in their online accounts.
In the coming months, when some customers with upcoming renewals log into their online accounts, they will see a link that says “How Inflation Affects Your Premium.” When you click on the link, a pop-up window will appear explaining the trends that are driving premium increases. We will begin testing this solution with randomly selected residential customers in the coming weeks and will test this approach with randomly selected automotive customers later this year. This is a time when we can count our blessings and be grateful for the many wonderful things in life. While God, family, and work are at the top of the list, we encourage you to consider giving thanks for your home and auto insurance as well. Here are 5 reasons to be thankful for home and auto insurance this Thanksgiving and all year long.
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1. PROTECTION: The first reason to be grateful for home and auto insurance is to protect your greatest asset – you and your family – from harm. Although we unfortunately cannot prevent disasters, we can help our customers prepare for and respond to disasters.
2. INVESTMENT PROTECTION: Of course, our main concern is to ensure the safety of you and your family. But we also want to help you achieve this by protecting your largest financial investments. Sleek & Williamson offers all types of insurance, including home, auto (including RV, boat and motorcycle) and business insurance, as well as other insurance products.
3. FINANCIAL SAVINGS: Not all insurance plans are created equal. For over 25 years, Sleek & Williamson has worked with a variety of insurers to customize our customers’ insurance coverage with the best products at the best prices. As independent insurance brokers, we offer only the best insurance coverage to give you the protection you want and the service you deserve. We will work closely with you to create a plan that meets your insurance needs within your budget.
4. Peace of Mind: Whether you suffer a minor car accident, catastrophic weather damage to your home, or just send a teenage driver onto the road for the first time, life happens. Without appropriate insurance, a small disaster can quickly turn into a catastrophe.
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5. WE CARE FOR YOU: Whatever your life situation, you can rely on the Sleek & Williamson team to be there for you. We promise that we will work diligently to ensure that our customers are completely satisfied with the protection of their assets and their loved ones.
If you have questions about your home and auto insurance, call Sleek & Williamson today at (770) 489-2403.
Filed Under: Car Insurance, Customer Service, Disaster Preparedness, Home Insurance Tags: Car Insurance, Car Insurance, Car Insurance in Douglasville, Home Insurance in Douglasville, Home Insurance
The information contained on this website is of a general nature. Any description of insurance coverage is inevitably simplified. Whether a particular loss is covered will depend on the specific facts and provisions, exclusions and limitations of the current policy. Nothing on this website changes the terms of our policies. A full description of insurance coverage can be found in the policy. Coverage options, limits, discounts and rebates are subject to availability and those who meet our coverage criteria. Not all features are available in all regions. Who doesn’t like saving money? This may sound like a trick question, but it’s definitely not. By combining different types of insurance with one insurer, you are bound to save some money on your monthly premiums.
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The most commonly combined insurance package is home and vehicle insurance. There are concrete reasons for this and it really makes sense.
Here are the key benefits you can get by purchasing car insurance and home contents insurance from the same insurer.
You will almost always save at least something by combining your car and home insurance with one provider. The amount varies depending on the insurer and policy. Of course, there are many factors that can influence the amount of the discount.
However, you can typically save between 10 and 25% on your total home insurance premium. Often the biggest discount is on your car insurance, but both policies offer significant savings.
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Speak to an experienced insurance broker who can help you find ways to maximize savings on both policies if you decide to combine them.
This means that if, for example, you have a teenage driver at home, they can benefit from the savings of the parent package. If your mother, father, aunt, uncle or other relative lives under the same roof as you, they too can benefit from your decision to combine your auto and home insurance under one roof.
Life is getting very complicated these days and anything you can do to simplify it is a positive thing.
It is easier to work with just one insurer. You use the same phone number and other contact information, speak to the same insurance agent, see more of the same policies and procedures across policies, and may even only pay one bill per month, making it easier to write checks or manage payments online.
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Also, you can only download one insurance app and learn how to use it. While apps are useful, the advantage is that there are fewer apps that do the same job. You can view and manage all your insurance policies from the same app or website, saving you time.
If you want, you can sometimes combine discounts by combining your car and home insurance.
While each policy still has its own deductible, there are cases where bundling only allows you to use (and pay for) one of them. Suppose hail hits your house and your car parked in the driveway on the same day, damaging both. Typically, you can only pay one deductible instead of both (you must pay the higher deductible of the two policies).
There is also further potential for savings when bundling several insurers. None of these specific situations can occur, but overall the risks are significant. (This means that this is where the benefits of grouping also become important.)
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The same benefits of combining your car insurance with your home insurance also apply to other types of car insurance. In Florida, many people purchase motorcycle insurance, which can be combined to provide significant savings. Another important topic is boat insurance.
Additionally, combining renters insurance and car insurance can provide savings almost as big as a home car insurance package. Don’t forget about life insurance, pet insurance, business insurance and more. The larger the package, the greater the savings and other benefits!
Finally, let’s take a moment and look at bundling services from the opposite perspective – from your insurer’s perspective. Why do they want you to commit to the point where they are willing to devalue you?
The more insurance they sell to a customer or household, the more valuable that customer or “customer block” becomes.
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