It can feel challenging when an insurance premium increases. Some things that raise the cost might be expected, like if you expand your dental practice. But others are out of most policyholders’ control, like an increase in natural disasters, construction delays and rising repair costs.
In fact, commercial reconstruction costs have grown 42% over the past five years.* And wildfire and severe storm damage is occurring more often and in more places. These rising costs have outpaced inflation and directly impact the cost for many insurers to adequately cover a property and pay out claims.
At TDIC, we don’t raise rates as a knee-jerk response to past claims. Rather, we analyze trusted data to determine how much premium will be needed to cover claims in the future, taking several factors into consideration: What is the frequency, severity and likelihood of future claims where you practice? Is the dental market, the economic climate or a technological trend causing replacement costs to rise? We’ll use those answers to inform our rates and keep pace with the level of protection our policyholders will need.