2020 was a disruptive year for numerous reasons. From a Property and Casualty Insurance view the market continued to see increases in homeowner’s premiums. According to a report from Market Scout personal lines premiums on average increased 6.3%. As consumers, we have experienced an increase in prices across the board. As your independent insurance agency, we would like to keep you informed and add value by assisting you in managing and controlling your insurance expenses.
There are several factors impacting rates today.
The increasing frequency and devastating natural catastrophes. 2020 was a record-setting year in that there were 22 large 1 billion weather and climate events that hit the U.S. In Iowa, we experienced the Derecho and severe hailstorms.
Home repair and replacement costs have risen significantly in the past few years. Specifically, the cost of lumber and materials.
Supply chain challenges with increased building activity and higher demand for labor.
Jeff Johnson Insurance agency’s role as your independent agency is to ensure that your policies remain competitive. We recommend that we review your home/auto/umbrellas policies every three to four years. Less if there are significant changes in premiums. There are advantages to staying with the same company over time, including tenure discounts and claim forgiveness, but only if the premiums and coverages remain competitive during that time.
How Jeff Johnson Insurance Can Help
Jeff Johnson Insurance is an independent agency in Waukee, Iowa. We specialize in providing both personal and small business lines of insurance coverage. With the understanding of the impact of harsh weather conditions, we offer homeowners’ insurance to cover the losses and damages to your home. This coverage will protect your home in different situations to ensure you are always prepared for the warmest season of the year. Request a quote today.