The price you pay for car and home insurance has risen rapidly as Texas lawmakers have raised the bar in relation to the cost of living, increased engineer wages and rising construction costs, in papers obtained. and Axios.
The big picture: Average car insurance costs fell during the epidemic as Texans reduced drivers and companies reduced rates to stop and win customers.
This is what they say: “A price increase is needed to address the declining profits of the private equity program,” the German Insurance bulletin told brand representatives “secret. ”which shows the reasons for the car price increase of 9%, on average. , starting this month.
Details: The bulletin from Brenham-based Germany has nothing on the claim of time and weight.
Travelers insurance companies are singing a similar tune and have advised representatives that weather, staff shortages, supply problems, and an increasing number of accidents – possibly due to a driver’s accident – are increasing the cost. of cars.
Now: Safeco Insurance noted that “some credit card holders will often object to higher fees,” according to another business bulletin obtained by Axios.
Outsourcing: The Insurance Information Institute reports that homeowners’ interest rates will increase by 12.2% on average nationally from 2017 to 2021.
Be smart: “We always encourage customers to shop around, take advantage of any discounts offered by an insurer, and to carefully monitor their insurance needs and deductions,” said Albert Betts, executive director of the Texas Council of Insurance , a trading group, told Axios.
What to know: The Texas Department of Insurance has a useful marketing tool, as do companies like Zebra.
What we’re looking at: If and when the weather slows down, supply communication problems are solved, and everyone is taught to drive without a text message (which is illegal in Texas), will insurance fall?
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