Service Insurance Group, a respected independent insurance agency serving families and businesses throughout Texas, has released a comprehensive resource to help consumers understand why insurance premiums continue to rise in 2024. The article, “10 Common Reasons Your Insurance Premium Went Up This Year,” delivers a clear and accessible overview of the economic, environmental, and industry pressures affecting insurance costs statewide.
As Texas households and business owners experience increases across home, auto, and commercial insurance, Service Insurance Group remains committed to providing clarity, education, and expert insight during a complex period of market change.
Insurance Agencies Addressing Statewide Premium Increases
Across Texas, many policyholders are concerned about premium increases despite having no recent claims or changes in risk. Service Insurance Group emphasizes that these adjustments often result from broad, industry-wide forces rather than individual customer histories.
Insurance agencies rely on updates from insurance companies, market data, and state regulatory trends. When external factors influence claims costs—such as inflation, labor shortages, material pricing, severe weather, and litigation trends—those shifts directly impact premium calculations across all carriers. Service Insurance Group continues to assist consumers by comparing multiple carriers, reviewing coverage needs, and explaining the reasons behind these adjustments.
Key factors identified in the newly released article include:
Rising repair and replacement costs
Construction and labor shortages
Supply chain delays affecting claims
Severe weather patterns in Texas
Growing medical and legal expenses tied to accidents and liability claims
Insurance Companies Responding to Economic Pressure
Economic inflation continues to influence nearly every part of the insurance process. Insurance companies must anticipate the cost of future claims, and when the cost of rebuilding homes, repairing vehicles, or providing medical treatment increases, premiums adjust accordingly.
Several cost-related pressures are affecting premiums across Texas:
Increased pricing for building materials
Higher labor and contractor rates
Elevated vehicle replacement and repair costs
More expensive medical treatments related to injuries
These rising expenses create significant pressure on carriers, contributing to statewide premium increases for both personal and commercial insurance policies.
Common Factors Contributing to Rising Insurance Premiums
The Service Insurance Group article highlights ten major contributors influencing premium growth this year. These include:
1. Inflation on Construction Materials, Labor & Goods
2. Increased Frequency of Severe Weather
3. Delays in the Supply Chain
4. Rising Medical Costs
5. Complex and Costly Vehicle Technology
6. Higher Reinsurance Rates
7. Litigation and Settlement Trends
8. National Shifts in Claim Frequency
9. Higher Market Values for Homes and Commercial Properties
10. Adjustments in Risk Models and Statewide Market Regulations
Expert Insight From Service Insurance Group Owner Bradley Hurt
As part of the press release, Service Insurance Group included perspective from agency owner Bradley Hurt, who has guided Texas families and businesses through evolving insurance conditions for many years.
“Premium increases continue to affect policyholders across Texas due to significant changes in construction costs, claim severity, and regional weather events. Regular policy reviews remain essential to ensure that coverage levels match the true cost of rebuilding or replacing property in today’s market. For example, increases in construction costs can leave a home undervalued if coverage limits remain unchanged.
Practical steps such as adjusting deductibles, bundling policies, or upgrading safety features can help create potential savings. Homeowners benefit from improvements like monitored alarm systems, impact-resistant roofing, and updated electrical or plumbing systems. Businesses often gain value by reviewing liability limits, updating equipment inventories, or implementing risk-management practices. These actions help strengthen overall protection while maintaining cost efficiency.”
This expert commentary supports Service Insurance Group’s mission of helping Texans make informed decisions in a constantly shifting insurance environment.
Supporting Texans With Clear Insurance Education
Service Insurance Group encourages consumers to stay informed and proactive during periods of economic and environmental change. With access to multiple insurance companies and specialized knowledge of Texas risks, the agency offers tailored recommendations for personal and commercial policyholders.
Texans are encouraged to explore:
Coverage limit updates to match current replacement costs
Available discounts and bundling opportunities
Deductible adjustments for strategic savings
Multi-carrier comparisons to identify competitive pricing
Updates to home, auto, and commercial protections to avoid coverage gaps
Service Insurance Group remains focused on helping policyholders protect what matters most, with solutions designed for both current needs and long-term stability.
About Service Insurance Group
Service Insurance Group is one of the most trusted independent insurance agencies in Texas, providing personalized insurance solutions to individuals, families, and commercial clients. With strong relationships across leading insurance companies, the agency delivers comprehensive protection, competitive pricing, and dedicated customer service. Service Insurance Group continues to support Texans with expert guidance in a rapidly evolving insurance market.
If looking for any type of personal or business insurance, the Agents at Service Insurance Group shop for the right personal or business insurance policy to fit individual needs – call them at (979) 300-7345 to get a quote!
