If you haven't looked at your home and auto insurance rates recently, I would bet that you've seen a bit of an increase over the past two years. Of course, insurance rates go up for all the normal reasons (age of house/roof/systems/etc. getting older), but these past two years there have been more factors in play.
  • First off winter storm Uri didn't do us any favors. Last figures I looked at were showing this storm caused upwards of $10 billion second only to Hurricane Harvey back in 2017.
  • Labor and material prices have skyrocketed due to the supply chain constraints meaning the overall replacement cost on homes could have increased anywhere from 50-250k.
  • Regarding auto insurance, the premium give-back program was great in theory, but these carriers missed the mark on how quickly folks would get back on the road… that miscalculation has everyone licking their wounds and taking rate increases this year.
  • The auto chip shortage didn't make things any easier, used car prices are up 20%+ making total losses that much more expensive for the insurers.
  • Lastly, losses have increased at a national level in both frequency and severity. Add that to ongoing supply chain issues and you have a perfect recipe for claims lasting quite a bit longer and costing more money.

Hope this helps, we would love a chance to earn your business and talks through coverage options. Also, okay with just chatting about some FTA football.




Casey Woodfin
713-966.6617
Casey.woodfin@goosehead.com
See some rates:
http://goosehead.com/Casey-Woodfin
More info about insurance:
https://www.goosehead.com/learning-center/
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