Ive already seen it on my Auto, my HO6 and my HO3 policies…
Seems like around 20%
Alas, me too.
Is it Florida that gets more price increase or other states are hit as well?
Car and home insurance
I think it’s gonna get a lot worse. But not for the reasons that Fox News, in the original post, says is the root cause of the cost increases.
The article states that the cause is “Social Inflation.” In general terms Social Inflation is an indicator of the profit margin between the current rate of inflation and the rate the insurance companies have to pay out in actual claims. But the term “Social Inflation” was coined to describe the growing litigious aspects of insurance settlements in our country.
We’ve all seen the real reasons for increased insurance premiums in our country, water, wind and fire damage… and the root cause?.. it’s the weather.