Insurance Update as of October 2015
Today we’ll discuss the state of Fishers Insurance. Although it’s mainly Fishers, this will apply for all of Central Indiana.
Fishers home premiums have continued to rise, although the increases are not as great as the past five years have brought. We’ve been fortunate that there haven’t been a lot of catastrophic storms across Hamilton County, Fishers, Carmel, and Noblesville. When there are storms (such as major hail storms), we tend to see home insurance in Fishers become more expensive. This is a result of companies paying millions of dollars in claims to policy holders. Some Indiana companies have become a little more strict on their underwriting guidelines. We’ve had people call us because they’re being cancelled due to claims, even though they haven’t had that many. We’ve been able to help them out, because we write home protection in Fishers with many different companies. We expect Fishers home premiums to continue to increase, but the increases will be more in the 5-10% range and not the extreme increases we’ve seen in the past.
Fishers car rates have also continued to increase, but more in line with inflationary increases and not high percentage increases. It remains a relative bargain considering the amount that is covered. We have seen some pretty large claims this year, both on the bodily injury liability side and property damage side. In our Fishers independent agency, we’ve had an increase in auto claims. It seems like more and more cars are on the road, which results in more opportunities for accidents. One of the nice things that we can offer our customers, is a variety of options, including diminishing deductibles, accident forgiveness, discounts for willingness to have your driving habits monitored and more.
Business rates have held pretty steady, with the exception of dwelling coverage. If you’re insuring a rental property, you can expect to pay more this year. Our commercial liability customers have been happy with their rates that have stayed fairly steady, with some small increases. We have seen some expansion of coverage, including data breach liability, employment practice liability, and other packages for our business insurance customers.
Life insurance in Fishers continues to be a good value. With increasing life expectancies, rates have actually decreased over the past ten years. If you have a life insurance policy in place, it usually doesn’t make sense to replace it, but if you need a policy or additional coverage, we’d be happy to talk with you.
If you’d like us to review your policies, please call our Fishers office at 317-644-1770. We’d love to talk with you.