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Inflation Could Harm Your Family’s Insurance Claim

By November 1, 2022Personal Insurance

With inflation rates at record highs in most developed countries, many individuals and families are grappling with higher costs for goods, services, and necessities like food. Rising costs due to supply chain issues, lingering COVID related challenges, and energy disruptions have caused many homeowners to delay much needed repairs or updates to their home.

Taking into account that goods and service prices have dramatically increased, this could mean that in the event of a loss, your current insurance coverage does not adequately protect you against the financial burden of replacement costs or repairs like it once did when the policy was first underwritten. The infographic below, provided to us by our friends at Chubb, showcase the dramatic impact inflation could have in the event of a loss.

It’s important to ensure you’re protected when the unexpected happens. Consider setting up a complimentary call with a GMG Risk Advisor to learn how the impact from inflation could shake-up your financial wellbeing. It’s better to ensure your personal and financial assets are protected before it’s too late.

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