You’ve seen it in the news, and possibly felt it in your wallet: insurance rates including home and property insurance, auto insurance, and medical premiums have been on the rise. Increased property values after the hot housing market of the past several years, a jump in new-car prices and auto manufacturing costs, and general inflation have all begun to impact the insurance market as a whole.
Additionally, some states and regions, particularly our home of Galveston and the Texas Gulf Coast, have felt the burden of severe weather and the damage that comes with it. According to Texas Monthly, natural disasters causing damages of more than a billion dollars – including tornadoes, tropical storms, floods, wildfires, and winter storms – have increased on average to eleven of these events per year since 2019. These disasters drive insurance rate increases beyond anyone’s control.
Auto insurance rates have risen, due to a number of factors including a five-year increase in reckless driving and accidents in the large and growing Houston and Galveston areas. However, it’s also due to well-meaning drivers whose cars have been damaged by natural disasters, through no fault of their own.
Besides weather events, the higher costs of building materials and labor have caused home construction costs to soar, which has ultimately led to a rise in home prices reflected in a rise in home insurance rates.
During times like these, it may feel hard to protect yourself, your family, and all that you’ve built and worked for. You need an experienced captain to steer you through the rough waters until it’s smooth sailing again.
While some say that insurance companies can no longer handle the economic fluctuations and weather events of the past several years, some of us are able to navigate the literal and figurative storms. Rochkind has proudly served clients in the Houston and Galveston area with confidence and knowledge since 1987, through some of the most unprecedented challenges our region has faced.
How can Rochkind help you handle rising insurance rates?
- For starters, we’ll be there for you! Some companies in the insurance industry have chosen to leave the market due to high costs and increased risks. As your friend and neighbor serving the insurance needs of the Galveston and Houston areas, we pride ourselves in our personal expertise with our region and its unique challenges, and understand the importance of your peace of mind.
- We can determine whether your policy is truly tailored to what you need. While being over-insured is not as common as being underinsured or even uninsured, it’s still possible if your circumstances have changed (for instance, if you’ve downsized your belongings significantly) but your policy has not changed to reflect that. We will work with you on a personalized quote that accurately matches your coverage needs.
- We’ll help you switch your coverage from other providers. If you’re not currently part of the Rochkind family, talk to our insurance experts for a quote on Galveston and Houston home, flood, life, auto, and other quality, hassle-free insurance policies that may save you money on your premiums.
Times might be uncertain right now, but your insurance coverage doesn’t have to be. Give us a call at 409-770-9503, or contact us online.
