3 Basic Reasons Your Insurance Premiums on the Rise?

By on 01/28/2023   /   Blog, INDEPENDENT INSURANCE AGENTS, personal insurance   /   Leave a comment

Your Insurance Premiums on the Rise?

As an insurance broker, I’ve been getting a lot of questions lately about why insurance premiums have been on the rise in the past year. It’s a complex issue, but I want to take a moment to break it down and explain some of the factors that have contributed to the increase. Insurance Premiums

1) COVID-19 – Insurance premiums?

One major factor is the ongoing COVID-19 pandemic. The economic downturn caused by the pandemic has led to an increase in claims for things like business interruption and event cancellation. At the same time, many insurance companies have had to pay out large sums for COVID-19 related claims, putting a strain on their finances and leading to an overall increase in premiums.

2) Natural Disasters

Another factor is the increased frequency and severity of natural disasters. The past year has seen a number of major hurricanes, wildfires, and other natural disasters, which have caused significant damage and led to an increase in insurance claims. These events also put a strain on the insurance industry, leading to higher premiums.

3) Government Regulation and Policies

Additionally, the insurance industry has been impacted by changes in regulations and government policies. For example, changes in the Affordable Care Act have led to an increase in healthcare costs, which in turn have led to an increase in health insurance premiums. Similarly, changes in workers’ compensation laws have led to an increase in premiums for employers.

It’s important to note that not all insurance premiums have gone up. In fact, some types of insurance, such as auto insurance, have actually gone down in the past year. However, many types of insurance have seen significant increases, and it’s likely that these trends will continue in the near future.

So what does this mean for you? If you’re shopping for insurance, it’s important to understand that you may be facing higher premiums than you have in the past. However, there are still ways to save money on your insurance. For example, you can shop around for the best rates, or you can bundle your insurance policies to get a discounted rate. Additionally, you can also take steps to mitigate your risk and lower your insurance costs, such as installing security systems or taking driver safety courses.

In conclusion, the rise in insurance premiums is a complex issue that is driven by a variety of factors. The ongoing pandemic, increased frequency and severity of natural disasters and changes in regulations and government policies are some of the main reasons why the premiums have gone up. It’s important to keep in mind that you can still save money on your insurance by shopping around, bundling your policies, and taking steps to mitigate risk.

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Secure the Best Independent Insurance Agent | Top 11 Reasons

By on 03/16/2021   /   Blog, INDEPENDENT INSURANCE AGENTS   /   Leave a comment

Why an Independent Insurance Agent?

by John Lorince | March 16,2021

independent-insurance-agent

  Not all insurance agents are the same! Choosing the right one can make a big difference – in price, service, and value.
With other captive agencies, you get one company like State Farm or Allstate that sells one brand of insurance. And this is not a knock on them at all. They have a full blown marketing engine behind them with all of their TV ads. However, with an independent insurance agent like John Lorince  you get intelligent choices based on the best options.

Why? Because independent insurance agencies, like Graziano Lorince, represent a number of different insurance companies, and can compare coverage and prices to find the best possible value for your individual circumstances. As independent agents, we are members of the Nordonia Hills Community, and we’re committed to doing business face-to-face and being your advocate in times of need. We also are utilizing Zoom for meetings and can bind policies over the internet.

Serving Sagamore Hills, Macedonia, Northfield Center, and Northfield and the whole state of Ohio, here are a few reasons why John Lorince should be your first and last stop when looking for an independent insurance agent.

  1. We work for you when you have a claim at your request.
  2. We are not beholden to any one company. This means you don’t have to change agencies as your insurance and service needs change. You want a different quote, just let us know. We have several other insurance companies to choose from.
  3. We are your consultants, working with you as you determine your needs as we make them more obvious to you.
  4. We are value-hunters who look after your pocketbook in finding the best combination of price, coverage, and service.
  5. We offer one-stop shopping for a full range of products, including home, renters, auto, business, life, health, and retirement plans. It may not always be a bundle to get you the best deal contrary to the ads on TV.
  6. We can periodically review your coverage to keep up with your changing insurance needs.
  7. We are committed to customer satisfaction – it’s the key to our livelihood. No salaries here.
  8. We treat you like a person, not a number.
  9. We are licensed professionals with strong customer and community ties.
  10. We know the insurance carriers inside and out (We know which ones are good for you from experience)
  11. We are the experts and have seen many claims (more than you), so it makes sense to consult an insurance agent when deciding on coverage options. Do not get left in the dark when things get ugly fast.

There is a difference. To find out how our independent insurance agency can help you find the right insurance coverage, please contact Graziano Lorince today. Give us a call today at 330.748.0987

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