Members’ homes and autos are more valuable than ever

Do they have the right coverage to protect them?

Vehicles and homes have typically been the average consumer’s most valuable assets. With drastic increases in worth over the past year, that’s even more true than in the past.

Although housing prices have had a largely upward price trajectory since the 1960s, they’ve taken a bigger-than-usual jump since 20201.  And thanks to chip shortages and high demand, prices on both new and used vehicles have increased faster than consumer prices overall (and those went up a hefty 7% from 2020 to 2021—the largest year over year increase since 1981)2.

High values mean the right coverage is critical—do your members have it? 

Car and home-related expenses consume a large percentage of members’ paychecks in the best of times. They might be feeling anxious about protecting these increasingly valuable assets given today’s uncertain and high-inflation environment. And, in too many cases, members are paying too much for their coverage or don’t have the protection they actually need.

 

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