What I want all our clients to know about homeowners insurance in 2024

2024 has been a crazy year for insurance.

First, you need to understand the “Hard Market” that the entire insurance industry is going through right now. Crazy is an understatement. It is a perfect storm. Here is the link: https://www.ullrichinsurance.com/colorados-hard-insurance-market-of-2024/

Homeowners insurance is fundamentally changing right before our eyes. The consumer has no idea about what is happening. I would say that 90% of the insurance agents out there don’t know about what is happening. The see signs, and they are confused, but they don’t really know.

At Ullrich Insurance, we are in a unique position because we are an INDEPENDENT insurance agency. We work with MULTIPLE INSURANCE COMPANIES. We understand the marketplace. Most insurance agents are captive, meaning that they only work with one company. They know what that one company is doing but they don’t truly understand the marketplace.

As an independent insurance agency, I can tell you that we receive updates from insurance companies weekly and it is a challenge to keep up with all of it. Insurance companies are changing homeowners insurance right before our eyes!

It’s an “it is what it is” thing. It is good, or is it bad? It just is what it is. Our clients need to make adjustments so that they are in the best position moving forward.

Higher deductibles are going to be the new normal:

A homeowners insurance policy will no longer be a “roof maintenance plan.”

We as homeowners need to save more money “for a rainy day.” The more risk we take off the insurance companies, the more solvent they can be and the lower our insurance premiums will be.