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  • Writer's pictureNick Metzker

What a ‘Hard Market’ Means for Your Insurance

A car, house, and family being protected by insurance

You’ve already heard about how inflation is affecting everything, including insurance premiums and claims. There are other factors too like higher interest rates, more lawsuits, and severe weather events resulting in substantial claim losses that are compounding the insurance market.


Insurance companies are reflecting these higher costs in their pricing, which is why there may be an increase on your policies during renewal.


This situation is what we in the insurance world refer to as a “hard market.” 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.


As your insurance advisor, I am working hard to help you manage your insurance needs within your budget. I continually evaluate market conditions and talk with insurance carriers to keep up with their changes in pricing or coverage terms and conditions.


I am available to discuss your coverage and answer questions about any concerns you may have. Please don’t hesitate to reach out.

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