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Like most other goods and services, inflation can also increase the cost of insurance.
When determining insurance premiums, insurance companies look at a variety of factors including industry trends like number of claims and costs to repair vehicles and homes. If those costs increase, the price of insurance premiums will likely increase as well.
Unfortunately, due to inflation these costs are increasing. Building materials for homes are more expensive, there’s a chip shortage driving up the cost of cars, and there’s also a labor shortage. These factors mean the cost to repair your home and vehicle have increased in the event of an insurance claim.
Here are the challenges facing the insurance industry today that are contributing to increased costs:
If your insurance costs are increasing due to inflation, you may be wondering, how can I lower my premium? The good news is Trust Hall customers can benefit from several home and auto discounts.
How to save on your home insurance:
How to save on your auto insurance: