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As we step into 2025, homeowners, auto, and business insurance policies are expected to see some notable changes, driven by evolving market trends, climate related losses, and emerging risks. Here’s what policyholders should anticipate in the coming year. If you have any questions, contact our office at 413.475.7283or Complete our online quote form today!
Homeowners Insurance
Costs due to increased frequency of natural disasters will likely impact homeowners’ insurance premiums. The climate related disasters are so large that insurance companies will spread the increased costs across the entire country, and this will affect us here in New England. Many companies will be introducing stricter underwriting guidelines or higher deductibles. In many cases, we may advise you to leave your policy with the current insurer to avoid a new company inspection with stricter guidelines leading to either cancellation or higher than expected pricing. On a positive note, many insurers are expanding discounts for smart home technology, such as security systems and water leak detectors, which help mitigate risk.
Auto Insurance
Auto insurance rates are also expected to rise, largely influenced by the increased cost of vehicle repairs, medical and legal expenses, and a surge in the frequency of claims. However, drivers with telematics devices or usage-based insurance policies may find opportunities to save. These programs reward safe driving behaviors and reduced mileage with lower premiums. Be sure to ask us about telematics. Additionally, electric vehicle (EV) owners may see tailored policies with specialized coverage for battery systems and charging equipment.
Business Insurance
Businesses will face a complex landscape in 2025, as cyberattacks and supply chain disruptions continue to present significant challenges. Cyber insurance premiums are expected to increase, but coverage options are also becoming more comprehensive, offering broader protection against ransomware and data breaches. For small businesses, Business Owners Package policies may provide cost-effective solutions that address diverse risks, including property damage, liability, and cyber threats. Businesses should also prepare for potential changes in workers’ compensation coverage as remote work and hybrid models remain prevalent. Businesses will also face the same issues as personal insurance clients referred to above. Your Encharter account executive is monitoring the market and looking for opportunities to save while managing the risks your business faces.
Take Action
Policyholders are encouraged to review their insurance policies regularly, explore available discounts, and work closely with Encharter to ensure you have the right coverage for your needs. Staying proactive can help mitigate costs and provide peace of mind in this dynamic insurance market.
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