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Thanks to an unusual convergence of market trends, ushered in by the pandemic and followed by other disruptive events, you may see a bigger change to the cost of your home and auto insurance than usual when it comes time to renew your policies this year. Insurance rates are based on what an insurer thinks it will cost to make you whole in the event of a loss – whether it’s roof damage during a windstorm or a vehicle totaled during a traffic accident. As you’ve likely noticed, pretty much everything costs more than it did even a few years ago. What’s driving higher home insurance costs If you’ve shopped at Home Depot or Lowe’s lately, you’ve certainly seen that the price tags on building materials have gotten pretty expensive. Last year, the cost of building materials rose 4.7%, reflecting a particularly strong uptick in prices on things like asphalt shingles (16.2%), concrete blocks (18.5%) and drywall (20.4%). To make matters worse, the home-building industry is facing a shortfall of more than 300,000 skilled laborers, which is driving up construction-related labor costs. Combined with the high cost of construction materials and historically low housing inventory, this has been making home claims much more expensive for insurance companies. What’s driving higher auto insurance costs Ongoing supply chain issues are driving a shortage of car parts and equipment, which were 22.3% more expensive at the end of 2022 than they were two years earlier. The overall cost of maintaining and repairing vehicles increased 18.4 % over the same timeframe – exacerbated by a growing shortage of car repair technicians. The same issues depleted the supply of new and used cars during the COVID-19 pandemic, and inventories have not yet recovered. As a result, the average price of new cars has risen 20% since 2020, while used car prices have skyrocketed 37%. Rising medical costs are another key factor. While the number of injuries and fatalities from car accidents has somewhat declined from its peak in 2021, the rising cost of medical care continues to drive higher claims costs. Between 2020 and 2022, the overall cost of medical care in the U.S. increased 6.8% Focus on value as you explore ways to save Keep in mind that savings come in many forms. The value of the coverage you choose today may save you more in the long run than the lowest possible premium. Contact us to review your current coverage. We’ll help you explore opportunities for discounts that could offset higher rates when it comes time to renew. Sources: National Association of Realtors, Federal Reserve Bank of St. Louis, Home Builders Institute, CoreLogic, Consumer Price Index, TechForce Foundation
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Hurricanes can cause a tremendous amount of death and destruction. Longtime residents of coastal Florida, the Carolinas, Texas, Mississippi, Alabama and Louisiana are familiar with the drill - but there are always procrastinators. Hurricane preparedness takes time. Don't leave it to the last minute. Here are some things to keep in mind when a storm is coming:
By understanding these guidelines, you can protect your home as well as you can and keep your family safe. You will also have an easier time getting reimbursed by your insurance company for any damage. One of the modern plagues is the emergence of "porch pirates" - the thieves that cruise neighborhoods looking for packages that have been left on people's doorsteps by UPS, FedEx and other delivery services.
Thefts of packages from front porches have become a nationwide epidemic, with 26 million Americans having a holiday package stolen from a front porch or doorstep in 2018. One of the difficulties in thwarting porch pirates is that it is most often a crime of convenience. Typically, someone sees a package sitting on a doorstep and there are no cars in the driveway, so they walk up and grab it. Solutions As the problem has grown rapidly, fortunately there are new services and products on the market that can help reduce the chances of having one of your packages stolen after it's been delivered. BoxLock - This service provides homeowners with a smart padlock designed to protect deliveries by scanning packages so that delivery drivers can unlock a storage box on the customer's porch. Only packages addressed to the customer - and that are actually out for delivery that day - will unlock the BoxLock. Once unlocked, the delivery person securely places the package in the box. Landport - This is a secured delivery drop box homeowners can install on their porch or stoop. The box, which is bolted down, has an electronic keypad on which a delivery driver enters a unique access code to open the lid. They place the package in the box and shut it, and it locks by itself. Amazon Key - The service by online retailer Amazon works like this: When a delivery arrives at your house and you're not home, the courier scans a barcode that sends a request to Amazon's cloud. If it's approved, Amazon remotely unlocks your door and starts recording video through its Cloud Cam. The delivery is left inside the house. Once the courier relocks the door, the customer receives a notification that the delivery was just made (accompanied by a short video showing the successful drop-off). Amazon Locker - Use the online zip code locator to find a locker near you, and use that as your delivery address. It's free to use - and if you're a Prime member, you're entitled to free two-day shipping. Package Guard -This frisbee-like device is a virtual security guard. Connect it to your Wi-Fi and position it on your doorstep, instructing delivery people to place packages on top of it. If a porch pirate attempts to steal the package or the Package Guard device itself, a loud internal siren will be activated. The only way to deactivate the alarm is via the Package Guard app. Other things you can do
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