2024 Insurance Trends to Watch

There is a lot of information out there about today’s insurance market. So what are we consistently seeing? It can be confusing. While no two insurance policies look the exact same, we have been able to identify a few trends. Take a quick read below for some observations by local, independent agents in the state of Georgia.

Someone is Taking a Bird’s Eye View…

In recent months, we have seen an uptick in carriers who require inspections on homes before you can bind coverage. This means companies will be assessing risks that could cause claims. Things like tree overhang, large trees in close proximity to your home, or any structural damage can quickly make you ineligible for coverage. The easiest way for carriers to find this out? You guessed it: arial viewing. ?

This technology is changing insurance the game. Carriers use online viewing tools to tour the exterior of your home searching for trouble. They can quickly see red flags like large limbs covering your roof, high vegetation that could quickly feed a fire, or debris in your yard that could quickly cause an accident.

?So, what to do?

Regular maintenance is a good solution for combatting this new trend. Plan to have limbs trimmed back from your roof and home by 6ft, if at all possible.

An Old Roof Could Mean Getting the Boot

How do you scare off an insurance carrier? Tell them you haven’t had your roof replaced in 10+ years.

All jokes aside, carriers are cracking down on the age of your home’s roof – some not writing anything older than 9 or 10 years old.

While it’s not possible for every home to have a brand-new roof, you can expect to see anything over the 10-year mark to only be covered for actual cash value. With most roofs older than 15 years, you could be ineligible for coverage with certain carriers.

I encourage homeowners to keep up with home improvements. Maintaining your roof can improve its longevity. Make sure to let your agent know about these improvements. You will eventually be asked for proof of your repaired or replaced roof.

Package or Get Packing! ?

If you have any exposure to advertising in your daily life, I am sure you have heard about how creating a bundle with your home and auto insurance can lead to savings on your overall premium. Well, these savings have become the “new norm” in the insurance world.

Most companies are requiring you to keep your home and auto in a package. Carriers see this as a way to offer a more comprehensive service to clients, creating retention and loyalty.

However, this is not an entirely new trend. Most agents will proactively recommend placing both coverages with one carrier if possible. By saving on your monthly premiums, you can obtain better coverage at a more affordable rate. Using on carrier means one point of contact - which creates less work for you.

Insurance is not “one size fits all”. Each person has different needs, making them a fit for different carriers. But with the difficulty we are seeing across the board in today’s market, here are a few key takeaways that apply to most everyone.

Be Proactive – If the increase in your premium feels unfair or too significant, talk to your agent well in advance of your renewal date. If you are working with a new agent, try reaching out 30 days in advance of your renewal. Carriers are busy these days and we want to ensure enough time to get you our best coverage option. Everyone is facing the same struggles. So, while you aren’t alone, it might take a little longer to return pricing.

Stay Informed – Sometimes your increase in premium might be due to a specific circumstance. If your rates have not increased in recent years, you might be facing more than the typical 15-20% we are seeing in the market.

Or maybe your new quote is significantly lower. But, does it provide all of the coverages you currently have on your policy? Just because it seems someone has "beat the price", your new, "lower premium" might not exactly be apples to apples.

Be Thoughtful – Use your insurance when you need it most. In the current market, a long claims history will have carriers weary to look at your account. Some carriers will not accept a new account with 2 or more claims. By using different risk management techniques to cut down on your exposure, you can save yourself from a sticky claims situation.

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