Insurance “Hard Market”: what it means for you!

17 Dec 2023 Articles

Recently, the insurance industry has entered what we refer to as a “hard market.” A “hard market” is a result of various factors, such as high interest rates, more lawsuits, and catastrophic claims. Sometimes, the industry experiences this circumstance where all of these things seem to be happening at an elevated level during a specific period. This causes coverage to be more expensive, and some insurers possibly reduce or limit your coverage.

It’s important to know that your team at Emerling Floss Murphy & Associates is taking the best steps to evaluate your account and the available options. We are working closely with our carriers and are making every effort to ensure that your investments, both personal or business are protected.

Important things to remember during a “Hard Market”:

  • Hard markets are cyclical. This is good news because we know it will eventually pass. The bad news is we don’t know exactly when. But there are ways to adapt during hard market times. 
  • During a hard market, there may be fewer insurers competing for your business. Fewer options affect prices, the type of coverage, and the overall level of coverage. This is not a guarantee but, rather, a possibility. 
  • Your coverage might be more expensive, or you might see a reduction in the amount of your policy limits. We will work with you to explore all of your options, and to make adjustments accordingly so you can maintain the protection you need at the best price.