Insurance Premiums Keep Climbing: Why Your Insurance Bill Is Higher Than Ever

If you’ve noticed your insurance premiums going up in recent years, you’re not alone. Many Ohio residents and business owners are seeing higher bills for everything from auto and home insurance to commercial policies. At Knox Insurance Agency, we understand how frustrating these increases can be, and we’re here to help you understand what’s driving these changes.

What’s Behind Rising Insurance Premiums?

Several factors are contributing to higher insurance rates across Ohio and the nation. Here are some of the most significant:

• Increased claims and severe weather: More frequent and severe storms have led to a rise in property and auto claims. Insurance companies adjust premiums to account for these higher risks and payouts.
• Rising repair and replacement costs: The cost to repair vehicles and buildings has climbed due to inflation, supply chain issues, and labor shortages. These increased expenses are reflected in your premiums.
• Litigation and liability trends: There’s been an uptick in lawsuits and larger settlements, especially in commercial insurance. This drives up liability insurance costs for businesses.
• Reinsurance costs: Insurers themselves buy insurance (called reinsurance) to protect against significant losses. As global risks rise, reinsurance becomes more expensive, impacting local premiums.
• Changing driving habits: More vehicles on the road and distracted driving have led to more accidents, which can push auto insurance rates higher.

Tips for Managing Your Insurance Costs

While some factors are out of your control, there are steps you can take to help manage your premiums:

• Bundle policies when possible.
• Maintain a good claims history.
• Improve home or business security.
• Review your coverage regularly with our team.

How Knox Insurance Agency Helps You Navigate Rising Costs

The team at Knox Insurance Agency knows that rising insurance premiums can strain your budget. We are committed to helping you find the right coverage at the best possible value. We can help you regularly review your policies to make sure you aren’t paying for unnecessary coverage and that you’re taking advantage of available discounts.

If you have questions about your insurance rates or want to explore ways to save, our team is here to help. Contact us today to schedule a policy review or discuss your options.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.