Their are numerous reasons why insurance rates go up but many don’t realize it correlates with the local economy, materials cost and many other factors. Insurance companies do not like to raise rates if they do not have too. Here are the top 5 reasons why your insurance might be on the rise.

Weather or Catastrophic Storms

Weather is one of the biggest factor in your insurance going up in Missouri. Whether we like it or not we have a lot of Storms in our State. With the precense of so much hail, it causes a lot of claims.  When storms cause excessive damage, insurance companies have to paid to fix their insureds homes, businesses or cars.  This can cause insurance rates to be on the rise. For example, back in 2012 Joplin, Missouri was hit with a catastrophic tornado that caused about 2.8 billion in losses. To remain solevant and profitable long term to be able to provide insurance most companies in the area had to raise rates.

Local Economy

Wait just because my local economy is booming my insurance rates can go up?……. Yes that is right, but it mainly correlates with the local economy and this is not the instance in every case. Most times, when the local house market is doing well, home and material costs will increase. This in return can cause your insurance to go up. Why is this???? Anytime insurers pays for a loss their is typically some type of materials involved like shingles, metal, wood ect. As the materials costs rise by 10-20 percent over time, insurance companies are forced to raise rates.

Medical Costs

When Medical costs go up, it have increase both your home and auto insurance. Think about it this way, many auto insurance accidents have some form medical paid out when someone has to visit the hospital. As these costs rise, your insurance company has to pay more money. This in return effects your insurance price.

Claims

Many consumers don’t realize after a claim their home or auto policy can be surcharged. This surcharge typically lasts from 3-5 years in the State of Missouri but can vary by company.

What can you do if your Insurance Rates go up?

Shop your insurance! Just because your current insurance company is facing rate increases, doesn’t mean all companies are facing the same. Many insurers are constantly adjusting rates and you might be able to find cheaper rates elsewhere. It is usually good to look at coverage and price every 3-5 years.

Don’t like having to shop around? You can use an independent agent like Millennium Brokers. An independent agent, will have the ability to work with multiple companies and can help show your insurance if your rates go up! You can get a quote started today by visiting our quote page!

Pet Insurance in Springfield MO

Like most of us, keeping our pets happy and healthy is a priority. Pet insurance, can help you do this by covering some costs at the veterinarian if your pet becomes sick. Some plans also provide ‘wellness’ coverage that can help cover things like spaying/ neutering, vaccinations and heart worm testing. Here are some important parts of this coverage to remember.

[Read more…]

How does Missouri Dental Insurance Work?

Dental insurance works very similar to health insurance. You typically pay a monthly premium and are then entitled to certain dental benefits usually including regular checkups, cleanings, x-rays and services to promote general health. While most plans provide these benefits, provide coverage much differently. Most companies put covered services into there categories: Preventative, Minor, Major. Every company is different on how they categorize. It is really important to look thoroughly look over policy benefits before you sign up for a plan.

[Read more…]

Protecting your family and its assets is very important, one great way to do this is with an umbrella insurance policy that is designed  to cover extra liability beyond your auto and home insurance liability.  It can help to protect against major lawsuits, claims or unforeseen events that you are responsible for. Umbrella insurance is a great way to protect you and your families financial future.  [Read more…]

You have walked down the aisle, said your vows, and went on your honeymoon and now its time to begin your life together. Your life has probably changed so much! Over the next year, you will probably have many more changes.

As your begin your life with your new spouse, your finances and insurance will likely change too. Most people think this is as simple as putting your name on your spouses policy but think again. Here are some changes that you will want to make.

[Read more…]

Medicare is a form of health insurance managed by the U.S Government that was founded in 1965. Many different presidents attempted to pass different forms of health care in the past but, in most cases with little success. Medicare really gained steam when a national study revealed that over 56% of Americans over the age of 65 didn’t have healthcare. Legislation was later signed into place by Lyndon B. Johnson. Medicare is primarily for individuals 65 or older but someone under the age of 65 also may qualify. It is managed by CMS also known as the Centers for Medicare and Medicaid Services. In 2017, 58.5 million people were covered under Medicare according to CMS. The original Medicare is made up of Parts A and B but over over the years others have been added.

[Read more…]

Our world is faced with an abundance of security and cyber crime that just 20 years ago wasn’t as much of a concern. With the evolution of the internet along with data breaches,  cyber crimes are becoming way too common. Data breaches not only hurt business with damage caused and information loss, but also small and large business are subjected to hefty fines by government entities if proper steps are not taken before and afterwards.

Today, its not just the large business that are vulnerable. According to RPS, 43% percent of all cyber target small and medium sized businesses. Today 55% of small businesses have had some form of a data breach. A breach not only makes the business susceptible but also the employees and customers information.

[Read more…]