Insurance rates going up?

Homeowners insurance rates going up? Auto Insurance rates going up?

By Matt Lohoefer Insurance- 33 years of experience as an Independent Insurance agent.
972-964-0113
Website: www.Mattinsurance.com

If you have asked these questions in the last days, weeks, months or even over the years, I am going to try and explain. I also want to point out that good insurance is not cheap and cheap Insurance may not pay your claim!

First of all, let me introduce myself. My name is Matt Lohoefer and I am an Independent Insurance Agent in Plano. I began my career with Farmers Insurance but after 13 years with Farmers, I switched to become an Independent Agent so I can offer my customer choices from different carriers. I have been in the business for over 30 years.

You see all Insurance companies are not the same. They all use similar info to rate you but sometimes your particular financial position and house and cars fit best with Safeco, Travelers, Mercury, National General, Encompass, Progressive and so on. This gives you the best rates for basically the same coverage. That is also what makes working w/an Independent Insurance agent a smarter option for you as a homeowner.

Another aspect of rising Insurance rates is our economy and inflation. I think we all can agree “stuff” cost more these days, and that stuff for you is lumber, paint, sheetrock, labor, auto parts, used cars, new cars and more. If your home suffers hail damage to the roof or a water leak to the flooring, it is going to cost more today to fix it than it did last year and even more than the year before. Same thing with your auto and an accident. It simply cost more to fix things today than last year and beyond.

Last reason for higher insurance rates is more law suits in accidents. Lawyers cost to the insurance world is a real thing. My carriers are top of the line. Cheap carriers find a way to not pay your claim.

How do we solve this? There are a couple of things you can do and here is what I recommend.

1. Keep your home in better than average repair. Make sure the paint is solid and not all cracked and peeling, Re-caulk all corners, joints, windows, flashing and other areas. Routinely walk around and look at your home to spot worn, weathered areas that need fixing. If you get a new roof buy the upgraded class 4 roof shingle for the extra discount on home insurance. It’s a big discount.
2. On autos, the best rates go to the best drivers. Drive the speed limit, do not be in a rush all the time and maybe consider the new telematics auto Insurance app to give you an extra 5-40% discount on auto Insurance. Safe drivers get the big discounts.

Be sure to call Matt Lohoefer Insurance and let us shop the market for you. We offer better coverage and better prices. There are some coverages in the home policy that can be modified and or lowered without sacrificing great protection. Call us for a review.

Thank you,
Matt Lohoefer