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Rates increasing? How high will they go?

The recent economic landscape has been particularly challenging both in our personal lives and for business owners. As the insurance industry examines rates and coverages to keep pace with inflation and environmental conditions, we understand and appreciate you may have questions about your insurance coverage. We feel it’s our responsibility to keep you informed, and we hope this information is useful for you as you possibly evaluate whether to make changes to your insurance.

What’s driving rate and coverage changes?


  • Underwriting challenges: Economic pressures require insurance carriers to accurately examine and assess risk to maintain competitive rates for everyone. Good economic conditions over the last decade provided tremendous rate stability. However, things have changed, and we’re experiencing a perfect storm of financial and environmental conditions necessitating above-normal rate adjustments. Many carriers are making staged adjustments to make the transition for policyholders easier.

  • Inflationary conditions: Inflation continues to heavily influence the insurance industry because of continued parts and labor shortages. Everything costs more, and without adequate coverage allowances, policyholders could find themselves paying higher than expected out-of-pocket costs.

  • Rising cost of claims: Over the past decade, the industry has seen increased frequency and severity of property insurance claims. Extreme weather events, natural disasters and a sharp rise in property values drive higher costs to settle claims, sometimes necessitating alterations to coverage terms.


We understand and remain committed to helping you find ways to manage the cost of your insurance coverage. We invite you to reach out to us. We can explore options, including adjusting your coverage or deductibles, taking advantage of available discounts, or establishing payment plans to make changes as manageable as possible.


As a reminder, opportunities exist to help offset renewal increases, like making sure any updates to your property have been properly captured on your policy.


Thank you for putting your trust in Pine Insurance. We greatly appreciate your business and you as our client especially during these times. As always, if you have any questions or concerns, please feel to reach out to your agent.

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