It appears home and auto insurance rates are up across the board for Indiana residents, according to the Independent Insurance Agents of Indiana. The group, which represents more than 600 independent insurance agencies and 200 branch locations across the state, cites a rise in home and auto insurance rates from 5 percent to 10 percent this year.
IIAI Executive Vice President Roger Ronk says rate increases vary by company and area of the state, but he says most bundled policies are seeing increases. Bundled policies include two or more policies on a single bill. Ronk says the increase is due to numerous factors.
“Auto and home both are on the increase. And why is that?” he asks. “It‘s largely a result of all of the catastrophic losses the industry has suffered, wind, hail and it has been rather consistent over the last three or four years.”
Ronk says for every $1.00 insurers have been taking in, they have been paying out $1.06, as insurers are pass on cost to insurers. Ronk says the good news is that Indiana remains a competitive state. He says Indiana has lots of insurance companies and consumers can shop around.
He also thinks the rise may be slowing. Ronk says consumers do have options that include: raising their deductibles, seeking agents that can shop their coverage around with multiple carriers and bundling their home and auto insurance together.