Month: August 2023

What Does Personal Articles Insurance Cover?

Posted on by agentinsure

LG Insurance Group is proud to offer the residents in and around the Marietta, GA, area top-quality insurance they can count on to provide protection. If you have valuable personal items, consider a personal articles Insurance policy. We encourage you to contact us to learn more about this type of insurance or any other insurance products we offer.

Personal Articles Insurance 

If you have valuable personal belongings, you want to insure them against theft, fire, or any other loss. You’ll want to purchase a personal articles insurance policy. Examples of items typically covered by this policy include expensive jewelry for coats, art, or designer bags. If you own high-value personal items, you’ll want to take a thorough inventory, produce receipts or verification related to their value, and work with one of our insurance agents to secure the right level of coverage.

If you would like to learn more about selecting the right policy, our agents can help. They can carefully assess the value of your personal items requiring coverage. They then match you with policy options that provide the most protection for your specific situation.

Once a policy is selected, we work with you to submit the documentation of proof of value and assist with obtaining the policy quickly. We can also help you with any claims submissions or changes to the policy during its lifetime. Our goal is to provide services that make ensuring the things you care about quick and easy.

Find Out More 

Contact LG Insurance Group to schedule a consultation with one of our knowledgeable Insurance agents. You can call or stop by our office and get answers to questions or find out more details about any of the products or services we offer in and around Marietta, GA, at our location.

Why home and auto insurance rates are continuing to rise in 2023 

Posted on by Linda Grissett

Thanks to an unusual convergence of market trends, ushered in by the pandemic and followed by other disruptive events, you may see a bigger change to the cost of your home and auto insurance than usual when it comes time to renew your policies this year. Insurance rates are based on what an insurer thinks it will cost to make you whole in the event of a loss – whether it’s roof damage during a windstorm or a vehicle totaled during a traffic accident. As you’ve likely noticed, pretty much everything costs more than it did even a few years ago.  

What’s driving higher home insurance costs 
If you’ve shopped at Home Depot or Lowe’s lately, you’ve certainly seen that the price tags on building materials have gotten pretty expensive. Last year, the cost of building materials rose 4.7%, reflecting a particularly strong uptick in prices on things like asphalt shingles (16.2%), concrete blocks (18.5%) and drywall (20.4%). 

To make matters worse, the home-building industry is facing a shortfall of more than 300,000 skilled laborers, which is driving up construction-related labor costs. Combined with the high cost of construction materials and historically low housing inventory, this has been making home claims much more expensive for insurance companies.  

What’s driving higher auto insurance costs 
Ongoing supply chain issues are driving a shortage of car parts and equipment, which were 22.3% more expensive at the end of 2022 than they were two years earlier. The overall cost of maintaining and repairing vehicles increased 18.4 % over the same timeframe – exacerbated by a growing shortage of car repair technicians. 

The same issues depleted the supply of new and used cars during the COVID-19 pandemic, and inventories have not yet recovered. As a result, the average price of new cars has risen 20% since 2020, while used car prices have skyrocketed 37%.  

Rising medical costs are another key factor. While the number of injuries and fatalities from car accidents has somewhat declined from its peak in 2021, the rising cost of medical care continues to drive higher claims costs. Between 2020 and 2022, the overall cost of medical care in the U.S. increased 6.8% 

Focus on value as you explore ways to save 
Keep in mind that savings come in many forms. The value of the coverage you choose today may save you more in the long run than the lowest possible premium.  

Contact LG Insurance Group to review your current coverage. We’ll help you explore opportunities for discounts that could offset higher rates when it comes time to renew. 

Sources: Safeco Insurance, National Association of Realtors, Federal Reserve Bank of St. Louis, Home Builders Institute, CoreLogic, Consumer Price Index, TechForce Foundation