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At HUB, we are seeing a big rise in the cost that social inflation is causing.
Even with insurance rates rising, verify you havethe insurance you better protect yourself.
What Is Social Inflation?
Insurance premiums can rise for many reasons, including increased risks or higher coverage limits.
As people have more wealth, they buy more expensive things.
But social inflation has a different cause.
Social inflation refers to increased insurance rates as a result of an increasingly litigious society.
As a result, HNW individuals need to consider larger umbrella limits.
We live in a world where there is always someone to blame, Lanham said.
When someone sues an individual or organization, its no longer just about the plaintiff receiving a fair settlement.
Are You at Risk?
Wealthy people may be targeted more, Weiner said, but we are all at risk!
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