Home Insurance Up for 2018


As reported by the Kiplinger’s Personal Finance News Magazine, an inconvenient truth is to expect higher rates for home insurance in 2018.  Losses in states hard hit by natural disasters are pushing up premiums.


2018 Higher Insurance Premiums

Homeowners in California, Texas, Florida, and other states hit by natural disasters in 2017 may see a modest increase in their homeowners insurance rates when their policies renew, even if their locale was unscathed.  When insurance companies file rate-increase requests with insurance regulators – which appears likely – they must do it on a statewide basis.  Meanwhile, homeowners in hard-hit areas could face much higher risk-adjusted rates when their policies come up for renewal, and some may not be able to get coverage at all.

To re-shop coverage, homeowners should start with other private-market insurers.  As a last resort they can turn to their state-run plan, such as Citizens Property Insurance in Florida and Louisiana.  Homeowners should think twice before buying a policy from specialty insurers, says Robert Hunter, director of insurance for the Consumer Federation of America.  Although premiums are lower, the policies offer skimpier coverage.  Premiums for flood insurance through the National Flood Insurance Program are unlikely to rise anytime soon.  Congress extended the NFIP through 2018, but without major reforms that would raise premiums.

Parker Associates works extensively on understanding your market, your consumer, and your goals.  We don’t just make it up, we research it ad infinitum to make sure we get it right.  We are your advocate by being the advocate of the consumer.

Spend time looking at what you are trying to acquire, develop, or sell to learn how you can improve the success of what you are offering.  Parker Associates helps understand the consumer by answering WHO will buy, WHAT they will buy, and HOW they will buy it.  When the research is completed and the analysis is done, having the answers to these questions will reveal what will provide the best success for your project.  Keep asking WHO, WHAT, and HOW and keep developing to fit the need.

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