As of late, things have been even crazier than usual in the Louisiana insurance market! Costs are rising, a record number of insurance companies have left the state and there is a lot of confusing infomation being circulated. So we thought the best way for us to serve our clients and community was to provide some answers to the (7) most commonly asked insurance questions.
Question #1 "Why has my insurance cost increased?"
There are many reasons why your insurance premiums may have increased:
Hurricanes – Simply put, our areas’ exposure to hurricanes may be a driving factor in increasing your insurance premium.
Re-insurance - Most insurance companies carry their own insurance called re-insurance.
- The re-insurance carrier charges your insurance carrier a premium and a deductible which may increase after large claims due to a catastrophe. All insurance companies are in business to make a profit so the increase in their rates means an increase to you, the policyholder, the following year.
- These rate increases are not automatic. Each company must file these rates with the insurance commissioner, which must be approved.
Pappalardo Insurance Agency is committed to empowering and educating our customers!
Check out our website for more helpful information!
We look forward to helping you and your family meet your insurance coverage needs.
Still have questions? We are here to help!
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Why Are My Insurance Premiums Going Up?
As always, Pappalado Insurance Agency is here to help. As a 80 - year old, Louisiana based, independent company we have been at this for a while and would love to use our knowledge, skills and expertise to help you find the insurance products and services that best protect you, your loved ones and your prized possessions.
Until Next Time,