Dear Clients,

I joined Massey, Clark, Fisher in 1979, Since then, I have witnessed changing economic tides. As we go through challenging economic conditions now, I want to share my perspective on how inflation influences insurance premiums so you can make informed decisions about your coverage and budget.

How does inflation impact insurance costs?

During this period of inflation, rising costs impact insurance premiums. Labor and materials prices are climbing and labor shortages continue. This affects the cost of home repairs, auto repairs, medical costs and commercial property damage. Since insurance premiums are based on repair and replacement costs, they are becoming more expensive. 

How can MCF help businesses and individuals in times like these?

We communicate with our clients. We do our best to understand your needs, wants and desires. Once we understand what's important to you, when you need to belt-tighten, we help you consider alternatives, such as not insuring everything, or maybe not insuring as much - in other words, reducing some limits. We also consider increasing deductibles, like I did personally. 

When inflation drives up insurance costs, you have options.

On my homeowners insurance renewal, I got a 50% rate increase on my policy. I had a 2% hurricane deductible, so I self-insured a little bit more and I increased my hurricane deductible to 10%. And that made my rate increase only 20%, instead of 50%. So, in essence, I saved 30% by self-insuring a little bit more. I still have the coverage, I still have the high limits. I'm just being more of a risk taker, gambling a bit that a hurricane is not going to hit my house. 

At Massey, Clark, Fisher, we put ourselves in our clients’ shoes and apply this approach to our personal and commercial customers. We work with more than 70 different carriers. We know the market. So if one carrier is out of line premium-wise and charging too much, we recommend other carriers. We don’t hesitate to put your needs first. 

As an Independent Insurance Agency, we can help you make the choices that are best for you and your business - to meet your budget constraints and remain protected. Your trust means the world to us. If you have any questions or want additional information on rising renewal rates, please feel free to reach out to us. 

Sincerely,

H.W. “Hank” Massey Jr.

President

Massey, Clark, Fisher

Disclaimer: The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.