Darien Lame, Farmers Insurance, understands the ups and downs and roller coaster that the insurance industry has become ever since covid hit in 2020.
“Corporations within the industry are still trying to make adjustments needed in order to be profitable again. Natural disasters such as wildfires, hurricanes, tornados, hail storms and earthquakes have all had large negative financial impacts on the industry as a whole and it has created financial instability for some of the biggest companies,” he explained, continuing, “On top of the natural disaster issue we've seen, inflation has been another hot topic within the insurance industry that has been, and still continues to be a large burden across America. With homes and automobiles being two of the industries impacted the most, it has created a lot of internal changes for just about every insurance carrier. Carriers have been forced to re-evaluate and make continuous changes to everything from their preferred target markets (who they want to have the most competitive priced products for), to what areas of the US they do or don't want to insure autos and homes in, to how each line of business is priced within certain areas.”
We all know everything is more expensive now, including insurance! With labor and material costs going up, it has caused a large increase. The increase in values of homes and autos have had a direct impact on how much it costs to insure those assets. Cars and homes are costing more to build and replace, which means record breaking financial losses for insurance companies.
“Missouri and Kansas both rank in the top 10 in the United States for average cost of auto insurance right now. Farmers, thankfully, has been in very good financial shape since before covid, and we now find ourselves being in significantly better financial shape than the majority of our competitors,” he continued. “This brings huge value to our clients and allows us to have rate stability not only in today’s tough market, but also allows us to continue to have competitive pricing and stable rates moving forward into the foreseeable future as well.”
Having an agent you know and trust has become more important.
“I have put more of an emphasis on client relations and household reviews internally within my office over the last several years. The value this brings to our clients is huge in the sense that they know we have their best interest at heart, regardless of if it is in a claim situation or simply having an annual policy review to make sure that coverages are all where they should be and that our clients are getting the best deal possible for them,” he stressed. “My clients appreciate the personal attention and I pride myself in offering them the best service they can get.”
Regardless of whether it’s Home, Auto or Commercial insurance, he sees prices constantly increasing, and he has noticed a lot of new clients have been bringing their business to his agency because he offers options to minimize the monstrous spikes in premiums or get them on a more competitive product.
Call Darien Lame at his office, 913-586-0020, or mobile, 816-752-0662