Williams Insurance

01/19/2022

This is a trend that clients will see in the next 12 months.

Expect higher-than-normal home and auto premium increases in 2022
01/18/2022By: Jeff Encke
Historic inflation and other contributing trends have been driving up costs related to the repair and replacement of homes and vehicles – and these higher costs are forcing carriers to raise home and auto premiums.

We want to make sure you understand the factors behind these premium increases so you can explain them to your clients at renewal.

Home-related trends: higher building materials costs and a skilled labor shortage
If you’ve shopped at Home Depot or Lowe’s lately, you’ve probably noticed that the price tags on building materials have risen dramatically. In the first year of the pandemic, lumber prices alone jumped 42%.1 Steel mill products rose a staggering 81% in the first three quarters of 2021.2 Higher materials costs naturally lead to more expensive bids on home repairs and new construction.

To make matters worse, the home-building industry is facing a shortfall of at least 200,000 skilled trade workers, which is driving up construction-related labor costs. About 60% of surveyed builders report a skilled labor shortage.3 Combined with the high cost of construction materials, this has been making home claims much more expensive for carriers.

Auto-related trends: supply chain issues and more frequent and severe car accidents
An ongoing shortage of microchips and other critical parts like wiring harnesses, plastics and glass is making it more costly to repair or replace a vehicle after an accident.

Automakers recently reported that, as of Aug. 2021, U.S. dealers had fewer than 1 million new cars on their lots, 72% less than they did in Aug. 20194 – and that scarcity is revving up costs. Between Oct. 2020 and Oct. 2021, new car prices rose 10.6% – the sharpest 12-month jump since 1975 – while used car prices skyrocketed nearly 32%.5

At the same time, accidents have become more frequent and severe in the past year, increasing the number and cost of auto claims. In the first six months of 2021, car accident fatalities increased 16% from the previous year, and nearly 2.5 million people sustained injuries requiring consultation with a medical professional.

01/14/2022

'Tis the ski-son. Keep your tires on tread this winter by building your own driving survival kit for your car:

Consumer Reports reviews winter car emergency kits to gauge what they offer and how useful they may be in a pinch. These kits can make a great holiday gift.

01/12/2022

❄️The roads get dicey when they're icy. ❄️ Here's how you can stay safe if you're driving during, or after, a winter storm:

Severe weather can be both frightening and dangerous for travelers. Winter storms, bad weather and sloppy road conditions are a factor in nearly half a million crashes and more than 2,000 road deaths every winter, according to research by the AAA Foundation for Traffic Safety. Drivers should know ...

01/10/2022

Play more, worry less. Learn how you can prevent icy gutters and save your home from damage:

Icicles may be pretty but they can tear off gutters, loosen shingles, and cause water to back up into your house. TOH experts share how to remove them before they cause harm.

01/10/2022

Do you understand the small business ADA guidelines about your business? Here's an outline to help determine if you need to be ADA compliant.

Do you understand the small business ADA guidelines as they pertain to your business? Here's an outline to help determine if you need to be ADA compliant.

01/08/2022

Read the full article to learn the effects winter and extreme cold weather may have on your electric vehicle battery.

Consumer Reports lets you know whether cold temperatures affect an electric vehicle’s driving range. The cold can reduce an unplugged EV’s range by about 20%.

01/07/2022

January is National Blood Donor Month. Visit the Red Cross website to learn how you can get involved.

Giving blood is a simple thing to do, but it can make a big difference in the lives of others. Make a blood donation appointment with the American Red Cross today.

01/07/2022

If you run a business selling services, how should you price them? Here are costs you have to factor into your hourly rates to be profitable.

If you run a business selling services, how should you price them? Here are costs you have to factor into your hourly rates to be profitable.

01/06/2022

What is inflammation, and why do some foods cause it? Check out this list of anti-inflammatory foods.

Some foods have been linked with making the body less inflamed. But what is inflammation anyway and how can food make it better?

01/06/2022

Try out one of these simple and delicious ways to transform that chicken in the freezer for dinner tonight!

Change up your repertoire of chicken breast recipes with these fresh takes on a beloved main dish including a one-pan skillet chicken, chicken skewers, grilled chicken tenders with dipping sauces, and more.

01/06/2022

Having fun is an essential part of life. Here are some expert tips on having more fun in the new year.

Science journalist Catherine Price argues that fun is not optional, but an essential part of life. She provides expert tips on how to truly have fun.

01/06/2022

Baby, it's cold outside! ☃️
Prevent frozen pipes by:
❄️Opening those kitchen and bathroom cabinet doors.
❄️Keeping the heat at 55 degrees.
Find more frosty tips here:

Consumer Reports delivers money-saving advice to avoid frozen pipes at home and to deal with the aftermath if your pipes freeze during a cold snap.