Do you remember the days before COVID when you could go to the grocery store and spend less than $100 on a cart full of groceries? Those days are long gone. But it’s not just groceries, it seems to be everything. From lawn services to a Netflix subscription to the price of an oil change, everything has seemingly skyrocketed in price in less than five years.
I was reading in the Macon Telegraph the other day that a McDonald’s quarter-pounder cheeseburger meal is now $12. It seems like just yesterday, that was on the dollar menu! Meanwhile, the price of a Big Mac Meal went from $5.99 in 2019 to $12.69 and the price of a medium fry went from $1.79 to $4.79. Price increases such as these mean a family of four is likely to spend at least $50 when they go out for lunch. Don’t even think about dinner.
Some price increases have been good. The average home value has increased by 42% since the pandemic and the average 401(k) is significantly ahead of historical norms as well. But the positives of price increases have been drastically outweighed by the negatives.
As prices have gone up, its made everyone reassess their purchasing habits. If you don’t, you’re likely wasting a ton of money. For example, if your favorite brand of coffee jumped to $18 per bag, maybe it’s worth trying the $10 store brand that’s a nearly identical blend. That’s what we are finding that people are doing with their insurance. So many people have been with the same insurance company for years and never considered that they may be paying too much for insurance that doesn’t properly protect them.
As an independent insurance agency, we shop our customer’s needs with multiple companies to ensure we help them find the right coverage at the right price. Our business has been very blessed over the past few years because more and more people realize they don’t have to be stuck with the same insurance company offering the same overpriced product. The reason that so many of these people switched to us is because they realize that we take the time to learn about their unique situation. Every person is different and every situation is unique. So why should you have a cookie-cutter insurance policy?
The harsh reality is that cookie-cutter insurance policies were easy to sell when prices were low and premiums were cheap. Now that everyone’s insurance has gone up, people are realizing that independent agencies like Roland, Abbott & DeZoort can shop your needs with dozens of reputable insurance carriers to find you the right coverage at the right price. If you want to experience the difference, give us a call today.
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