Insurance hard market what does it mean!!

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In the insurance industry, a hard market is a less desire for growth & and more restriction in the marketplace as these companies re-evaluate their books of business. As a result, insurance rates will increase at the same time they will tighten up on what type of business they want to add to there company.

To make is simply, a hard insurance market is a high demand for insurance, but less companies willing to take on more risk. The companies that are willing to take these risk are charging higher premiums. As an insurance agency this makes it harder for us to find multiply offers for your homeowners insurance.

What to do?

Call your insurance agent and go over your options to keep your premium down. Review of your insurance coverage, your insurance agent is your go to person to talk to to ensure you are not overlooking any exclusions that could leave you exposed unnecessarily to risk. He/She also may know additional discounts that you may qualify for example an alarm system, new shutters or impact windows, new roof that you just completed, you are now retired these are only a few that you may qualify for.

You also need to prepare yourself for unavoidable increase and budget according. During these hard market you will see an increase in premiums. Florida ha seen an increase of 30% to 40% just in the past year or so. Most insurance providers have asked the State of Florida for additional increase this year.

If you are in the market of buying a home you need to contact an insurance agent early. Buying a house is stressful enough now you have to worry about rising insurance cost. Don’t worry and don’t stress out, if you do a little homework prior to shopping, you can make it go a lot easer for your home buying experience. As the market hardens insurance providers typically have an appetite for a certain type of risk (home). By knowing this in advance you can not only keep your insurance cost down you can have more of a stress free home buying experience.

Knowing is half the battle. During a hard insurance market, it’s crucial to have an insurance agent who has knowledgeable and the understanding of how the market is changing. If you have questions about the changing insurance market please give us a call at Preferred Insurance 772-245-3170

Justin Wells
Agency Owner
US Army Veteran
772-245-3170

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Preferred Insurance LLC

(844) 329-1444
13758 East Hwy 25
Suite 2
Ocklawaha, FL 32179

The Preferred Insurance LLC team is committed to providing clients with the highest quality insurance services combined with the lowest rates available in your area. The outstanding insurance agents here will work with you one on one to ensure that you get a solution that is tailored specifically to meet your needs.