A double whammy for consumers Home and auto insurance rates are set to jump in tandem

 

    hi welcome to my channel and please don't forget to like comment and also subscribe today I'll bring a topic about a job behind me for consumers home and auto insurance rates are set up jump in tandem the first is more bad news is ahead for consumers already struggling with 40 years High inflation the second is both homeowners and auto insurance rates are expected to rest sharply the third is even bundlers are not expected to get much of brake analysts say that really doesn't seem to be any good news about inflation for custody consumers on the horizon now when they're achieve their homeowner and auto insurance renewal contracts this year they are likely to find their rates have risen significantly it is hard to pinpoint exactly how much rates will increase because they vary by location but analysis generally estimate the average increase will range between High single digit to low double digit percentages that might not sound like a lot but analyzed say this is just the beginning some expect such increases to come each year for the next few years with an American Consumer already strained by compounding inflation a hike in their auto and home insurance policies will be most unwelcome said 

    Joshua Shankar an analyst at Bank of America in the 12 months leading up to May consumer inflation Rose to 8.6 the fastest space since December 1981 bad quality here's how climate change impacts air quality and also what it means for you responsibility climate change is not your fault but that doesn't mean you are off the hook inflation and climate events and because posting home owners insurance rates and then next is a couple of things are combining to post to push home owners insurance rates it is higher including the rise in extreme climate events over the past few years and also inflation in 2021 the United States recorded 20 will weather our climate disaster events with losses exceeding one dollar billion each and according to the National centers for environmental information that compares with that the inflation adjusted a 1980s and 2021 annual average of 7.7 events and the annual average for the most recent five-year 2017 until 2021 of 17.8 events those are all loses that must be paid also Insurance always passed on some of the risks for to inserts but with the rice and catastrophic events Rangers are saying enough is enough and raising rates said 

    Matthew carletti analysts at GMP Securities a citizen company so insurers have to pay more for that protection and are passing it onto and the customers currently say also factoring into higher renewable rates is inflation that has soared to 40-year high during the pandemic not only did the housing market boom but shortage emerged of the everything from Lumber to oil are used for things like asphalt and roofing products and even workers to build repair or remodel homes all of that pushed up how much it worked cost to rebuild a house in case of a disaster a major factor in pricing home owners insurance the cost of home repair and construction materials are not likely to change simply because the price of new market are goes to six percent Shankar said and it would appear that underwriting Merchants are lack of therefore and also four homeowners insurance is the worst in a Decay if not longer more inflation and in need of speed hit the gas is an auto insurance rates auto insurance rates are also setting a boost from higher costs not only did the price of how to scan cars or but during the pandemic for various reasons including limited number of the new cars for sale and also a strong preference for road trips while pandemic so thank you for watching and don't forget to like comment and subscribe