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American Insurance NW Inc. Blog

All You Ever Wanted to Know About Insurance

Summer fun, vacations and fireworks

It is hard to believe that we are nearing the halfway point in 2024! Summer is here and we all can use a break about now. American Insurance agents are here to help you enjoy some worry-free fun. Just give us a call when you get out your motorcycle, boat, RV or ATV and we will protect your toys with the right insurance.

Also, for our 39th year, American Insurance continues to be a major sponsor of the valley’s Independence Day aerial fireworks display. We hope you and your family enjoy the show!

Insurance Mid-Year Update: My crystal ball is still a bit cloudy in regards to the hard market for property insurance – homeowners, second homes, rental properties and commercial buildings. My past prediction for smaller premium changes and gradual loosening of underwriting in 2024 so far has not materialized, and it may be into 2025 before we start seeing rates stabilize.

Inflation, weather, and claims have continued to increase premiums on Property Insurance. Premiums have skyrocketed with +40% on average rate hikes over the last two

years. We have also seen insurance carriers dropping out of providing coverage, thus limiting options for relief. (See “Harsh Realities – Property Insurance Crisis”).

Fortunately, even though one major direct writer of insurance has been financially downgraded, all the independent companies we represent are financially stable. The increased premiums on property insurance and the limiting of new and renewal business has been necessary for companies to stay viable. Their goal is to weather this storm to be there for you in the long haul.

American Insurance is here to help you during this continued time of disruption in the Property Insurance market and will work to find you pricing and coverage solutions. We can review your situation with you and provide value in your coverage and policy choice.

This Property market disruption is still currently a little bumpy, but it will eventually pass. We look forward to serving you the rest of 2024 and stand ready to “Protect your American Dream”.