Another day, another insurance premium increase (Feb. 11 Review-Journal). This time, it’s homeowners and renters insurance. Last month, it was automobile insurance. Yet one of the biggest factors causing this increase was not mentioned in your article.
My agent tells me that one of the major costs driving premium increases is litigation. I’m not surprised. Everywhere you look — billboards, TV, the internet, buses, shopping carts, bus stop benches, taxi cabs and on and on — there are ads touting big settlements. This money has to come from somewhere.
The lawsuit settlement game is well understood in this country, yet nothing is being done to curb the massive frivolous litigation where it’s cheaper to settle than to mount a defense in court. Mostly hard-working people trying to make a living are paying for this with their insurance premiums. We need tort reform, and we need it now.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.