Trying to get insurance quotes and can’t? It’s the “hard market”….

What does “hard market” even mean? Why is it impacting you? What in heck is going on??

Let’s start with the concept of a hard market in insurance. In simple terms, a hard market occurs when the insurance industry faces significant challenges, such as increased claim payouts, higher risks, or reduced profitability. During a hard market, insurance companies become more cautious and less willing to take on new policies or offer coverage at affordable rates. Insurance companies are paying out much more in claims than ever before and losing money at history making levels.

The current state of the economy can also impact insurance premiums. During an economic downturn or recession, insurance companies may face financial difficulties due to reduced investment returns and increased claims. To maintain their financial stability, insurance companies might raise premiums to compensate for these challenges. Let’s talk about some factors you should be aware of……

  1. Insurance is going to get harder to get – so try not to move around. We’ve seen companies pulling out of doing business in California, well the same thing is happening in Washington. They do it is a less “newsworthy” method so you won’t see those headlines but it is our reality.
  2. Lots of insurance companies in this state are losing money and trying to get rate increase approved so they can stay here and offer you choice. They have a process they have to go through with the Office of the Insurance Commissioner and that process is long, meanwhile the bottom line is impacted every day. You might say, great that stops my rates from going up, while that might be one way to look at it. We are forced to accept higher prices at the gas station, grocery store, our favorite coffee shop, and we understand they all have to do that to keep up with inflation. The logic tracks that the insurance industry would be in the same position as these other organizations. I don’t think any of want to be paying these gas, food, entertainment prices, but our current economy mandates those prices, across the board. I would like to do what I can to help the insurance consumer have choice.
  3. Everyone is being impacted by this, maybe yesterday, maybe today, maybe tomorrow but it is rippling thru the insurance industry like its own version of wildfire. So if you talk to your neighbor and they say oh my rates haven’t changed, please don’t let that cloud the facts – this is happening. Head to google, type in insurance hard market, you can get all kinds of information on it.
  4. Be mindful of what you turn in as a claim – want more advice on that call us. If everyone changed how they treat insurance policies just a little bit it would have a positive long term impact for all of us. Insurance should be used for things that would be financially devasting to your family. That blown down fence? The chip in windshield? Minor property or car damage, I could go on and on, and maybe in another blog I will but for now, insurance should be used for things you have no way to financially navigate on your own, then don’t blink an eye use it. Please be mindful how small losses can add up and hurt everyone.
  5. Prevent loss!! Use water detection devices, keep your roof in excellent shape, check your water heater and other pipes and hoses, get fire alarm or smart home systems, keep things updated and maintained.
  6. Ask us about higher deductibles, telematics devices, discount reviews, bundling policies – there may still ways to save money. Bundling your home and auto together can save you quite a bit of money in some cases. Paying in full can sometimes be a huge savings! Even if you have to put on a credit card, the savings might be big enough to make it worth it.

We are here for you to talk this out, buckle up and take the ride with the rest of you – after all our insurance goes up too! We do all know how it feels! Thanks for reading and as always please feel free to call or text 253-527-6261 or email

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