One of the top trends likely fresh on your mind is insurance rates. With rates rising this is surely to have you feeling concerned about how this will affect your personal and business insurance costs.

Naturally, rising rates do often equate with higher insurance costs across many insurance areas. That said, a significant way to help provide some added comfort is to turn to your insurance agent for advice as they can help to find you the best rates possible for your needs.

By inquiring a bit further into the following insurance areas, we can get a glimpse of what you can expect from your insurance fees moving forward.

In these more uncertain times, one of the top insurance areas on Canadian’s minds is often Property Insurance. With high inflation rates, insurance rates for properties are notably well above what they have been in previous years. With that being said, many insurance analysts in the know have indicated that rates are quite likely to stabilize soon.

One area of interest that Canadian residents and business owners will want to be sure to watch for with regards property insurance rates, includes the risks associated with natural disasters. The aftermath and the high financial costs of repairs, replacements and rebuilds that are likely to arise.

Throughout 2022, it is not all that surprising that Liability or Casualty Insurance polices have also experienced rate increases, that said, in the single digits. As a result, this market has remained a bit more stable overall, compared to others.

Often combined with Property Insurance, Liability/Casualty insurance covers a wide range of areas, such as professional liability, commercial liability, personal liability, and vehicle liability.

When in place, liability insurance is an important way of protecting yourself personally and professionally. High legal costs associated with any damages to others’ property, including bodily injuries sustained by others while on or as result of your property, can carry significant financial ramifications also.

This topic would not be complete, without mentioning the affects of cyber attacks on current and future insurance rates. Cyber security is one of the markets we can see trending upwards, with more cyber threats, unfortunately coming out of the woodwork all the time.

The risks towards these kinds of claims are evolving as new data becomes available, and pricing remains more of a challenge to pinpoint. That said, thanks to businesses and individuals who have been taking steps to up their cyber security game, rates may soon become more stable.

Across many of the insurance areas, we can see how climate change is affecting insurance rates. With more extreme weather occurring across the globe, Canada, and of course more close to home in BC, business owners and residents are feeling the need to protect their livelihoods even more so from this potential for devastation.

For Canadians who are keeping a close eye on these types of developments, speaking with their insurance agent can be helpful in understanding how they should proceed when it comes to mapping out and finalizing their insurance policies.

Reach out to our agents at Leaders Insurance to learn more about how we can help you rest a bit easier knowing that with your coverage in place, your business and personal insurance needs are being taken care of.

An insurance renewal is the standard length of time an insurance policy is in effect without an insurance company adjusting your rate. Of course, there are exceptions to every rule, and it is possible – on rare occasion – for your rate to change shortly after purchasing a new policy if you do not meet underwriting guidelines.

The renewal date of your insurance policy is based on the date your policy took effect. So, it could actually take place on any day of the year depending on when you originally started the policy. The other factor in determining your renewal date is the length of your policy period. Policies usually renew annually or semi-annually. The start of the year is a perfect time to take stock of when these renewals are coming due so you can plan ahead.

Renewal information is usually mailed or emailed to you 45 to 30 days in advance of your renewal. You will receive a declaration page along with other information explaining your policy. A new proof of insurance is usually enclosed with the declaration page.

Look at your existing rate and see if you qualify for any further discounts. When you get your renewal reminder, this will help prompt you to do this review as sometimes insurance is easy to forget if you haven’t had the need to use it recently. It is a good time to contact your insurance agent to review your policy.

It is possible for every person insured with a given carrier to have a rate increase. Insurance rates can rise due to increased claim activity. If an insurance carrier is losing money, rates can increase. Also, if there appears to be a higher level of risk, an insurer will increase the value of the insurance on the policy to protect them from further exposure. Insurance policy renewals are a standard part of insurance. All policies renew and insurance companies have the ability to recalculate your insurance rate. Use this time of year to mark your renewal dates in 2020 so you know when to review your policy and think about possible changes.

When looking for insurance coverage, you want to partner with an insurance agency that has access to a wide network of insurers. This is key to getting the best coverage and the most competitive rates.

At Leaders Insurance, we can often source competitive insurance coverage where other agencies can’t. Our team has a wealth of expertise and we service clients not only in the Tri- Cities but also across the Lower Mainland and BC as a whole. As you plan out your year, please feel free to reach out to us so we can provide you with a quote for all your insurance needs. Let’s make 2020 your best year ever!