Why have Insurance Costs skyrocketed?
The insurance industry is across the board experiencing the collapse of what they called a soft market. Basically, the industry made a lot of money in other places (e.g. like the stock market) and could charge less for insurance. Now since they are not making as much money, they must price the service against it’s real cost. In addition, the last few years this industry has see a sharp increase in claims due to the many natural disasters such as hurricanes and flooding.
