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Industry Rate Changes That May Affect You

2012-05-22
By: Advocate Brokerage

Every three-to-five years, insurance industry rates adjust affecting many consumers. This year, many sectors are being impacted and rates are climbing for scores of carriers. In 2011, rates began to rise and increases have been slowly rolling through insurance providers throughout 2012, reflecting another industry-wide pricing cycle.

At Advocate Brokerage, some of these changes have already been put into place for both the personal and commercial policies that we carry. Due to the very significant losses experienced by the housing sector since late 2008, homeowners insurance is particularly on the rise from all providers. Home premiums, across the board, are expected to increase between 7% and 10%. For existing clients, these new rates will take effect upon renewal of their present contracts.

Periodic price adjustments are characteristic of the entire insurance industry and essential for the health and survival of providers. That said, we at Advocate Brokerage are fully prepared to respond to the concerns of our consumers and ease the impact of any adjustments on each individual client.

To relieve your concerns, Advocate Brokerage representatives are ready at all times to assist you by answering all of your questions and help to design suitable coverage plans. We will work to meet your needs by offering high deductible options, or bundle home and auto coverage with the same carrier for a multi-policy credit, as well as other plans catering to your specific needs.

If you have questions or concerns, please contact our office to speak with an Advocate representative or visit our website for further information.

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