Reuters is reporting that insurance premiums for auto and homeowners insurance should either be flat or reduce for 2008.
You can thank competition. “Strong competition is forcing insurers to lower their premiums or, at the very least, hold them stable,” said Orin Linden, who runs Watson Wyatt’s insurance and financial services consulting group in New York. “It’s clearly a buyer’s market.”
Interestingly, this comes as the total damages from the fires in Southern California are tallied. You need to remember to shop your insurance this year, but just don’t shop on rates alone. And remember, before you buy or renew your insurance, California residents should get my free Consumers Guide to Buying Auto Insurance by emailing me.