Navigating Insurance Trends and What it Means for You
The insurance world is always evolving, and 2024 is no exception. If you’ve noticed rate changes or heard chatter about shifts in the industry, you’re not alone. At Ellen Fenton & Company Insurance, we believe in keeping our clients informed so they can make confident decisions about their coverage. Here’s what’s happening and what it means for you.
Rising Auto & Home Insurance Rates: What’s Driving the Increase?
If your auto or homeowners insurance premium has gone up recently, you’re not imagining it. New York and Pennsylvania are seeing rate increases across the board, and it’s largely due to three key factors:
Severe Weather Events: From windstorms to heavy flooding, Mother Nature has been busy, and insurance companies are adjusting to cover increased claims.
Rising Repair & Replacement Costs: Supply chain disruptions and inflation have driven up the cost of home repairs, auto parts, and labor—meaning claims are more expensive to settle.
Reinsurance Costs: Insurance companies rely on larger global insurers (called reinsurers) to help manage risk, and their costs have risen significantly, trickling down to consumers.
What Can You Do?
While rate increases can be frustrating, there are smart ways to manage your premium without sacrificing coverage:
Bundle Your Policies: Combining auto and home insurance with the same carrier can unlock valuable discounts.
Consider Higher Deductibles: Adjusting your deductible can help lower your premium—but make sure it’s an amount you’re comfortable covering in case of a claim.
Ask About Discounts: Safe driving, home security systems, and even paperless billing can qualify you for additional savings.
Review Your Coverage Regularly: Life changes, and so do your insurance needs. A quick policy review with our team can ensure you're not over- or underinsured.
Business Owners: Be Proactive
If you’re a business owner, now is the time to re-evaluate your commercial coverage. The cost of insuring business properties and vehicles is climbing, and with liability concerns on the rise, having the right coverage is more important than ever. We specialize in helping businesses across NY and PA navigate these changes while protecting their bottom line.
We’re Here to Help
The good news? You don’t have to navigate these changes alone. At Ellen Fenton & Company Insurance, we work with top carriers to find the best coverage at competitive rates—without compromising protection.
If you have questions about your policy or want to explore ways to lower your premium, let’s chat. Stop by our offices in Ellicottville or Franklinville, or give us a call today. Because when it comes to protecting what matters most, we’re in your corner.