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You’ve already heard about how inflation is affecting everything, including insurance premiums and claims. Learn more here about how it affects your insurance.  

Many factors, like higher interest rates, more lawsuits, severe weather events, increased frequency and severity of auto accidents, rising health insurance costs, and advancements in technology, are all resulting in substantial claim losses consistently over a period of time.  "Auto accidents are one example.  When I first started here at the agency, we took a handful of auto accident claims per month.  Currently, I can say that we're taking a few auto accidents per day," commented Pauline Handy, Marketing Director at V.F. McNeil Insurance.  

These circumstances result in a 'hard market' which means that insurance companies are raising rates and restricting their capacity – their willingness to accept new or increased risk – to insure families and businesses, making it more expensive and difficult to get the coverage you need.  Insurers, too, buy insurance, called reinsurance, to transfer some risk, and reinsurers have raised prices as well

Here are three things you should know.  

1. Hard markets are cyclical. However, we don’t know how long they will last.
2. During a hard market, there may be fewer insurers competing for your business.
3. A hard market causes coverage to be more expensive, and insurers also may reduce the amount of your policy limits or modify your coverage terms. This can leave you more exposed to uninsured loss.

Consider taking steps to reduce your risk. You may qualify for potential policy discounts or better coverage options. These discounts can include smoke alarms, burglar alarms, fire suppression systems, vehicle telematics and water damage detection systems just to name a few.  

As a Trusted Choice® insurance agent, we are working hard to help our clients manage their insurance needs within their personal and/or business budget during this hard market.  In the event you should encounter the effects of this hard market, V.F. McNeil Insurance wants to help others like you secure affordable, but quality coverage. You don’t have to chance a “cheap” online quote, with little to no guidance, that could cost you more if a claim should occur. As an independent insurance agent, we have access to many options to provide solutions for your insurance needs.

You can expect our team to…

Continuously monitor market conditions and talk with insurance companies about upcoming changes to pricing or coverage terms and conditions.
Evaluate risk management opportunities and resources to help you reduce your risk.
Provide you with specialized support related to your specific coverage needs.

Our agency understands the difficulties that accompany premium increases and reduced coverage availability. We’re here to support you in navigating the current market conditions.  Contact V.F. McNeil Insurance to learn what options we can provide for your insurance needs.  

We are available to discuss your coverage needs and answer questions about any concerns you may have. Please don’t hesitate to reach out (203) 481-2684 | Schedule Appointment

You might also find Navigating the Hard Market for Reinsurance to be helpful in understanding the current climate of the insurance industry.  

About V.F. McNeil Insurance

V.F. McNeil Insurance is a local, Trusted Choice® independent insurance agency located in Branford, Connecticut.  As a full-service insurance agency, we can help with your business insurance, home insurance, and auto insurance needs and more.  

Office

500 East Main St.
Suite 200
Branford, CT 06405


Hours

Monday-Thursday
8am-5pm
Friday: 8am-4:30pm


Referrals

Inquiries


203-481-2684
1-800-566-1886
FAX 203-483-1891