A road leading off into a sunset. "2023" is painted in white on the road. Customization of insurance coverage is key during times of high inflation. It’s important for consumers to compare rates from as many companies as possible to make sure they aren’t paying more than they need to, or paying for things on their policy they don’t need. (Credit: robertuzhbt89/Adobe Stock)

The $800 billion United States home insurance market is currently being challenged by three significant market conditions. The companies that respond the best to these challenges will provide the biggest benefits to consumers and win their trust, while old-fashioned insurance agencies that fail to adapt risk becoming irrelevant very quickly.

It’s important to understand how market conditions affect an industry as large and valuable as property insurance – both as a homeowner shopping for home insurance policies and as a potential investor seeking to understand which insurance companies have an opportunity to gain significant market share in 2023.

How inflation affects home insurance

Inflation wreaks havoc on all types of consumer goods and services and insurance is not immune to its damage. The cost of insurance goes up during periods of inflation in response to the cost of things that impact claims and premiums.

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