How Your Insurance Rates And Coverage Will Change In 2024

We took a look back at what happened in the insurance industry in 2023 and made some predictions about what to expect for 2024.

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How Your Insurance Rates And Coverage Will Change In 2024How your insurance rates and coverage will change in 2024

Well, here we are: somehow, it’s the end of 2023. So as you make plans for your year — and dream of sunnier and warmer days — there’s no better time to take stock as you look forward to the next 300+ days. 

Maybe you’re a resolution kind of person (Hoping to floss more? Or learn German?), maybe you’re not, but regardless, the start of the year offers ample opportunity for reflection and prep. And while we won’t profess to know every detail of your life — that’s between you and your diary — we can help you get your insurance needs shipshape so that it’s nothing but smooth sailing ahead. 

But first, let’s take a look at some of the insurance trends that defined 2023.

2023: A Recap

Did anyone have a better 2023 than Taylor Swift? Probably not — though 2023 also gave us #WaterTok, Barbenheimer, and conscious quitting. On the insurance front, it was also the year when several major insurance carriers decided to pull out of two high-risk states, California and Florida. Wary about an increase in dangerous storms, companies including Allstate and State Farm say they will not renew policies in 2024 for those living in those two states. And now there are rumblings that other states, including Texas, where weather events have become similarly extreme over the past few years (remember the 2021 snowstorm?), may meet similar fates.

In other news, it turns out that automobile insurance was a major driver of inflation — and, yes, you can still blame the pandemic. Car purchases spiked during the Covid-19 lockdowns, which meant that prices increased dramatically and insurers were forced to pay out way more than they had previously budgeted. While these have yet to drop, forecasters are confident that prices will subside

Relatedly, 2023 was the year of the autonomous vehicle, or perhaps just the beginning. As with any new technology, there have been some bumps along the way, in addition to a lot of ethical questions. One issue for lawmakers is exactly how to insure these vehicles. A new study co-sponsored by Waymo and Swiss Re compares autonomous cars and human drivers, and the news is good for driverless evangelists: “In over 3.8 million miles driven without a human being behind the steering wheel in rider-only mode, the Waymo Driver (Waymo’s fully autonomous driving technology) incurred zero bodily injury claims in comparison with the human driver baseline of 1.11 claims per million miles.”

And in terms of the unexpected, last year saw new roof problems. Yep, you read that right: in some cases, insurers have started refusing to cover roofs that are more than ten years old, no matter their condition or material. There are workarounds, but for anyone with a slightly-less-than-new roof, you may want to check on your homeowners policy.

What’s To Come In 2024?

Well, there’s good news and bad news. What can we say — life is a mixed bag! Let’s talk about the bad news first. Global instability, climate change, and cybercrime all put insurance under the microscope. In the historical model, providers simply reacted to events. Now they will want to mitigate risk, which is why you’ve seen companies extricate themselves from Florida and California. 

As a result, insurance rates will probably keep creeping up. In part, this is because insurers will have losses to report in 2024. But also: Instability affects insurance, and the world is a just little bit kooky right now. Unfortunately, these macro trends and machinations will affect you on the personal level, especially when it comes to your wallet.  

But — and there is always a but! — there will probably be innovative solutions to help mitigate prices. Insurers still want customers — and you still need insurance! Human beings are nothing if not creative. And we can help you navigate those situations as they arise. 

And Now, A Few Recommendations

With all this in mind, what’s a person to do when thinking about the 2024 insurance landscape? For starters, shop around! It never hurts to look, whether you’re unhappy with your current policy or just think there may be better rates to be had.

And don’t forget you can speak with your insurer or agent. After all, part of their job description is to work with you. One way they can help is by telling you about any discounts you qualify for.

Another annual hack is to calculate how much you can afford to spend on replacing a device (or a car part, or an appliance, etc., etc.). It may be that raising your deductible yields more savings. Or maybe that doesn’t make sense with your current budget. The more you know beforehand, the more prepared you are if any issues arise. 

In that vein, be thoughtful about making claims. Every time you make a claim, your rates may be affected. So if you’re in a minor fender bender, for instance, you don’t necessarily have to report an accident or issue to your insurance. Instead, you can pay out of pocket to resolve the issue, which will mean your rates aren’t impacted. While this route isn’t so popular with insurance providers, it could help you save big. 

And finally: we’ve talked about this a thousand times, but now is the moment to consider cyber insurance. As life continues to move online, and online life becomes even crazier (We see you, AI! We see you, Deep Fakes!), we want you to stay as safe as possible. This means safeguarding your data, privacy, reputation, and finances — and cyber insurance can help you do just that. 

But no matter what your year shapes up to be, Marble is here for you! We can help you find new policies, compare quotes, and stay atop your paperwork — all while earning rewards. Join today to get your 2024 started right!