JournalStar.com
The result of multiple storms in 2022 has led to higher property damage than previous years. Farmers Mutual of Nebraska, reported $500 million in insure property loss and in total Nebraskans have suffered $2 billion in damages.
According to Mark Waltz, president, CEO and chairman of Farmers Mutual, “[t]he frequency of the loss perils that we experience in Nebraska, and the severity, the size of the loss perils that we’re seeing in the state of Nebraska are going up,” Waltz further sates that the trend is moving upwards.
In addition, rising labor costs, have made property loss claims rise. In 2021, Farmers Mutual only covered $130 million in property loss, as opposed to this year’s $500 million. Furthermore, homeowners “[a]s a result, they should expect insurance rates, as well as deductibles, to most likely be changing as we move forward into 2023 and beyond.” Waltz said. How much the future increase in rates will be is unclear but unless storms calm down rate hikes are practically a given.