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Will Inflation Effect My Insurance Premiums?

We are currently facing the most significant wave of inflation in close to 40 years. This March experienced 8.5% higher prices compared to the year prior, making it the biggest price increase since the 1980s. These rising costs are affecting every aspect of the American economy, from its manufacturing, distribution, laborers, and consumers. As the cost of goods goes up, so does the cost to insure them. Many people are concerned with the steady rise in costs and wonder, how will this affect my insurance plan? Can I still afford to protect my home, business, and other vulnerable assets? Inflation is caused by a variety of factors, but it's likely going to remain or increase over the next year or two. Understanding how inflation is affecting the insurance marketplace is key to being prepared for years ahead.