Inflation is making everything more expensive, and insurance is no exception. As prices rise for goods and services, insurance companies have to adjust as well. They factor in a variety of elements, including the average cost per claim made and the rising costs involved in repairing cars or homes. When these costs go up, insurance companies must pass it on by raising the price of premiums. Understanding Insurance Inflation Insurance inflation means the cost of your car, home, health, or life insurance is going up. What’s driving these increases? For starters, healthcare expenses are rising, so health insurance gets more expensive. Natural disasters like floods and fires can also make home … [Read more...]