Ep 186: The insurance industry is a dumpster fire right now.

Email david@parallelfinancial.com with any questions. Download the e-book ENDGAME at www.weeklywealthpodcast.com/endgame CLICK HERE to set your time to speak with David If you are in SC, NC, or GA and have any property and casualty insurance questions, email jessica@cfsig.net In this episode of the Weekly Wealth Podcast, David Chudyk dives into the rising costs of home and auto insurance rates. Many people are shocked by the steep increases in their insurance bills and points out how important, yet often overlooked, financial planning tools like property and casualty insurance are. The episode aims to break down the complexities behind these rate hikes and offers insights into the factors driving up insurance costs. THE REAL NUMBERS David also shares his personal experience with rising insurance rates, noting that since 2021, his home insurance premiums have surged by over 40% without any claims, while his auto insurance has risen by 74.6%. THE INDUSTRY He then provides a detailed explanation of how property and casualty insurance works, touching on the industry's financial losses, including a $14 billion underwriting loss by State Farm in 2023. ACTION ITEMS For your auto insurance make sure to: Keep a clean driving record. Speeding tickets are almost 100% preventable. Do not EVER let your insurance lapse. If your company offers a usage-based rating system, consider using it. Work with a good local independent agency who can shop your policies, if needed. For your home insurance: Make sure that you are keeping your home in good repair. Avoid hazards (debris in front yard, unfenced pools, etc) Work with a good local independent agency who can shop your policies, if needed.