Local American Family Insurance Agent Carol Shaw says the insurance industry as a while right now is a very turbulent market, due to billions being paid out for storm damage. Shaw reports now is the time to review your insurance policy as higher deductibles are expected in 2024:
“I really look for people to see that they are going to be mandated to take higher deductibles, especially for wind and hail. A lot of companies are looking at percentage deductibles based upon your replacement cost. So, if you have a $300,000 house, you may end up with a $3,000 deductible or higher. People need to be aware of that. They need to pay attention to the information they are receiving in the mail from their companies because that is how they are going to be notified of those changes.”
Insurance rates are rising and Agent Shaw informs more increases are expected next year.
