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Trout Insurance Blog

6 Reasons Behind Commercial Property Insurance Costs

2/20/2023

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​The market for commercial property insurance continues to be challenging. Here are several factors contributing to premium increases for commercial property coverage.
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Catastrophe Losses

Hurricanes, floods, wildfires, tornadoes, winter storms. The frequency and severity of major catastrophes continue to stress the industry. In five of the past six years, these events have caused annual insured losses of more than $100 billion globally. Last year, total insured losses globally were estimated at a staggering $140 billion.

Reinsurance

Catastrophic events are a major factor driving up the cost of reinsurance — an expense primary carriers need to pass along to customers. At the same time, inflation and the economic environment has been making reinsurers more selective. In early 2023 the gap between reinsurance supply and demand was estimated at $60 billion, three times what it was the previous fall.

Underinsurance

Recent inflation has driven the cost of materials and services much higher, but just 43% of business owners say they have increased their policy limits to accurately reflect what it would take to replace insured property now. Customers must have accurate valuations for their assets so they don't come up short after a loss, and premiums will reflect those higher values.

Property Replacement Costs

Led by a 55% increase in the cost of structural steel and a 35% increase in the price of lumber, construction costs have jumped over the past three years: Nonresidential is up 36% and multifamily residential is up 32%. Similarly, machinery and equipment costs have increased 18% over the same period. Many contractors continue to grapple with materials shortages and supply chain disruptions as well.

Skilled Labor Shortage

Nearly half of reconstruction costs are wages and salaries, which have increased 16% over the past three years. Even with higher pay, nine out of 10 contractors are struggling to find skilled labor and are delaying projects as a result. Higher rebuilding costs and longer delays may trigger an increase in business interruption losses.

Property Rate Need

For years, escalating loss trends have outpaced rate increases, primarily because of the costs of catastrophes, severe weather and large fires. Expect carriers to raise rates again this year to close the gap.
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The Equal Plates Project: Local Chefs Providing Meals for School Kids and Low-Income Residents

8/25/2022

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Feeding The Community
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The Equal Plates Project, formerly known as We Give A Share, is a non-profit that makes fresh, quality, nutritious meals for lower-income school children and others in the community. Their mission is “To Make All Plates Equal” using fresh, local produce-based, made-from-scratch meals that are provided for Charter Schools, early learning centers, subsidized senior homes, agencies serving unhoused individuals, and residents in public housing. Kikkoman Shaw, Executive Chef for the Equal Plates Project, said, “We’re trying to touch everybody in the community and let them have the experience that people who go downtown would get and spend all this money for.”
A Community Coming Together to Help

Aaron and Anne Grier, owners of Gaining Ground Farm, launched the initiative and brought other farmers, producers, restauranteurs, and other advocates to join the cause. Born during the COVID-19 lockdowns, the program was originally a way to keep farms afloat and avoid crops going to waste. The project then shifted to also help people, especially the elderly living in public housing, to provide access to healthy foods. Regional businesses such as Sunburst Trout Farms, Looking Glass Creamery, and Farm & Sparrow are some of the sources for fresh produce, dairy, fish, meat, and other ingredients. Suppliers are paid fair, market-rate prices for their contributions.  Chefs Kikkoman Shaw and Kendrick Burton are experienced chefs, who have worked for local fine dining restaurants such as Buchon, The Blackbird, Benne on Eagle, and Tupelo Honey. The program also has the help of other volunteers.
 
Nourishing The Future of WNC
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This summer, Equal Plates Project partnered with the Asheville Housing Authority to provide meals to residents in public housing.  The goal is to provide this service year-round.  For now, the organization’s resources are dedicated to the school programs. Each week, hundreds of meals for local schoolchildren are prepared. Chef Kendrick Burton on leaving the restaurant industry to join the Equal Plates Project, “I think this is more meaningful because you’re feeding kids, and kids are the future.”
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How You Can Help

The organization is always looking for help to provide their services to the community. Financial support, community partners, and volunteers are ongoing needs for the organization to grow. Volunteers do not need cooking experience. Tasks range from cutting vegetables to bagging meals to cleaning. 
To volunteer, visit ​equalplatesproject.org 

Dave Trout hails from the restaurant business and always keeps in touch with the great work that his old friend Kikko is now doing. Dave and the rest of the Trout team proudly support Kikko and the Equal Plates Project.
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Great Health Insurance News for Those over age 50

8/17/2022

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Inflation Reduction Act Extends Health Insurance Subsidies
​

Set to be signed this week by President Joe Biden, the Inflation Reduction Act will extend Health Insurance subsidies (originally enacted through the American Rescue Plan) for at least another three years. These subsidies are of particular benefit for those over age 50, but still too young to sign up for Medicare (Age 65). Those under 50 are still set to receive subsidy help as well.
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Why This Is Important for You and Your Family
​

According to the AARP, those between the ages of 50 and 64 pay up to THREE times more for their health insurance. Avalere, a health insurance consulting firm, calculated that someone in their 50s or early 60s earning 400% to 500% of the federal poverty level could save $4,700 in premiums because of the subsidies. Even for someone in that age bracket earning 100% to 150% of the federal poverty level the savings would average about $500 per person.  Once these subsidies have been in place for a full 5 years it will be tempting for Congress to extend them further, with the likely eventual outcome that they will become permanent. 
Full Article
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Donate to the YMI's "129 Years & Counting" Campaign

5/10/2022

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    ​Join Us in supporting our friends at The YMI (Young Men’s Institute) Cultural Center of Asheville with their launch of the “129 Years and Counting” campaign to improve the organization’s home at 39 South Market Street. The campaign’s goal is to make the building more efficient, create commercial space for rentals, provide more robust programming, lower operational costs, and generate additional income that will make the organization more sustainable over the long-term.
The Capital Campaign
​    Our General Manager (Jessica Cody) and Owner (Dave Trout) attended the YMI’s Capital Campaign Kickoff Event on April 30th, where they were able to meet some of the new faces of the YMI as well as chat with some of our old friends from the organization.  We’re encouraging everyone to visit the YMI’s website, learn more about the organization, and contribute what they can to help the YMI achieve their goals. 
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    Trout Insurance is extremely proud to work with the YMI and to help where we can.  More information about the YMI, the “129 Years and Counting Campaign”, and a link to donate can be found by clicking the button below. 
​                             
​                                Donate today and help this wonderful group!
129 Years & Counting
Congratulations to the YMI on over a century of great work!​
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ACA Plans for 2022 - So Many Choices!

10/29/2021

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​Greetings  …We will have MANY choices for insurance companies for folks who buy their plans through the Health Insurance Marketplace/ Affordable Care Act/ ObamaCare.   In our Western NC region -  there will be a Total of  124 Plans !
BCBSNC | Oscar Health | Bright Health | Ambetter | United Health Care​
And two new companies -  Friday Health & Aetna CVS
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How To Decide If I Should Change? 
 
First  -  2022 Subsidy -  We need to see your actual NET premium after your Premium tax credit.  This is based on your estimated family income for 2022.  Marketplace uses MAGI -  That’s Line 11 on the 1040.  Look at this first and think about what it will be in 2022 !  
CALCULATE
Second  - Bronze, Silver & CSR’s -  All ACA plans are graded into “ metallic levels “ – which work to compare the relative “ horsepower “ of these plans. But all plans within a level are not the same! Some have no copays until the deductible is met, same with Rx which could be a different amount. Or – no deductible at all – you just start paying a percentage from the get-go. And if you are of more modest income – below 250% of Federal Poverty Level- you may qualify for Cost Sharing Reductions on Silver plans; lower copays, deductible and out of pocket maximums.
 
Third  -  Your Doctors -   Many of the companies are HMO – that is “ In Network only “. Are you happy with your primary or specialists? Would you want to change doctors, and would your new one accept your coverage or even you?  Many doctors are not adding new patients. Overall, most of us want the most choice and  flexibility with our medical care.

And Fourth  – Extras  Are there any additional benefits you are looking for ? -  Some plans are adding preventative dental to the plans themselves – no extra cost. Others have convenience of a local “ Health Hub “  or tele -medicine.  Unlimited primary care doctor or mental health visits at zero copay. Zero or low copay for generics. We need to look at how you use health care and then how you want your insurance to work 
 
NEXT – After November 1 -  We’ll be able to see all the plan options and what your actual premium would be with the updated subsidy amounts. We’ll be sending you specific information for you and your family. You can update your information for us HERE
GET QUOTE

​AND - We welcome
the Opportunity to work with other people you know. Please forward them this email and we can get started! 
 
We appreciate the opportunity to work with you over the years.
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New Medicare Benefits for People with Chronic Conditions

10/18/2021

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  • Insulin Savings Programs Expansion: 3.3 million beneficiaries use one of more types of insulin, according to the Centers for Medicare and Medicare Services. More than 2,100 Part D and Medicare Advantage plans will participate in the 2022 program, an increase of over 500.
  • Extra Benefits for Medicare Advantage Enrollees: Some Medicare Advantage Plans offer extra health-related benefits including: coverage of Over-the-Counter medications, in-home support services, meal delivery, pest control, and more.
  • Special Needs Plans offer extras: A type of Medicare Advantage Plan called Special Needs Plan (SNP) provides coverage for certain groups of people. These plans must provide prescription drug coverage, and they usually offer extra benefits, such as lower copayments for specialists and medications.

​            For a more detailed breakdown of the information below, click here
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How to read your Annual Notice of Change

9/27/2021

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Each year, your Medicare Advantage and Medicare RX plans will change and update their benefits for the upcoming year. 

​For Medicare RX plans – these include
Premiums, Rx deductibles and copays, and Rx tier details 

​Look for a thick envelope like this...
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BE SURE TO OPEN IT!

​And Then - Look for "Summary of Important Costs for 2022"
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​This will highlite Changes for 2022 in your current plan. 
​What’s Next ?? 

We’ll be sending you email with how we can help you. Especially reviewing your Prescriptions and how they will be best covered for 2022.  We have new tools and software.

Please see
http://www.medicareoptionsforyou.com/medicare-2022-rx-plans.html
http://www.medicareoptionsforyou.com/medicare-center-software.html

AND – For Medicare Advantage plans 
http://www.medicareoptionsforyou.com/medicare-advantage-plans-2022.html 
​
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​Medicare Plan Annual Notice of Change: What to Look For

9/27/2021

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Highlights: For Our Medicare Clients with Stand Alone Medicare RX plans or Medicare Advantage plans. 
  • Look for your ANOC (Annual Notice of Change) by Sept 30
  • Review your medications - Has anything changed during 2020? Have you added a new expensive brand name RX? If so - let us know.
  • Only take a couple of low cost generics? - New lower premium options for 2021.
  • Have your doctors changed? Or have you changed address to a different county? If so - you may need to change your plan.
  • Many Companies offer Extra Value Benefits - Gym membership, Vision, Dental, Hearing Aids and More

For help - Call your Trout Insurance Agent. Main line: 828.279.4681
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​Over the next few months, you’re probably going to receive a lot of information about Medicare. It’s all meant to help you understand your coverage choices and make informed decisions during the Medicare Annual Enrollment Period (Oct. 15 – Dec. 7). There is one piece of Medicare mail, though, that you want to be sure to read. It’s called the Annual Notice of Change, or ANOC for short, and it comes from your current Medicare plan provider. Delivered by September 30, ANOC letters ensure that plan members have up-to-date plan information before the Medicare Annual Enrollment Period begins.

Your Medicare Advantage or Medicare Part D prescription drug plan ANOC provides important information. It can help you decide whether to keep your current plan or look for a new one during the Annual Enrollment Period. Here’s what to look for when you get your ANOC, along with questions to help you understand plan changes and what they may mean for you.

Coverage changes:
  • What new benefits have been added to your plan?
  • Are there other changes that affect services you use?
  • Have there been any changes in your health that may affect what services you may need or how often you may need them?
  • If your health has changed, will your plan benefits cover the additional care you may need?
​
Provider network changes:
  • What providers have been added to or removed from the plan network?
  • Are your current doctors in the network?
  • What about hospitals or other providers or specialists you may need?
  • If your providers are not in the network, are you willing to switch to other providers that are?

Drug list and pharmacy network changes:
  • What medications have been added to or removed from the plan’s covered drug list (formulary)?
  • Are the drugs you currently take listed on the formulary?
  • Have any of your medications been assigned to a different tier on the formulary? (This may affect your cost.)
  • Is your pharmacy in the plan’s network? Is it a “preferred pharmacy” that offers the plan’s best pricing?

Cost changes:
  • Is the plan premium going up, going down or staying the same?
  • Are any other costs changing, such as deductibles, co-pays, co-insurance?
  • If you have a Medicare Advantage plan, what is your maximum out-of-pocket limit?
  • How will cost changes affect your total out-of-pocket spending for the services and prescription​ drugs you may need?

Check with your plan if you are unclear about anything in the ANOC or if you did not receive an ANOC letter. You can call the customer service number on the back of your member card. Your Medicare plan details may change every year.

Medicare Advantage plans and Medicare prescription drug plans are offered by private insurance  companies under contract with Medicare. Each year, they review their plan details each year and make changes as needed to better serve plan members. Take time to Review your Plan. You don’t want to be caught off guard by higher costs or coverage changes after January 1. And whatever your decision may be—to stay with your current plan or to explore other Medicare coverage options—you want to make it based on the facts.
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Art In Autumn 2021

9/16/2021

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This weekend is the annual Art in Autumn in Weaverville, NC. We'll be there to take part in the festivities and answer any insurance questions you might have. Also, we will be taking canned food and monetary donations to help support Manna Food Bank. Those who donate will be entered into our raffle to win a Local Arts Gift Basket. Come join in on the fun and help support local artists and the community. Discover more about Art in Autumn and Trout Insurance here.

Art In Autumn 2021
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YMI Cultural Center Celebrates 40th Anniversary of Goombay Festival

8/13/2021

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​The YMI Cultural Center will be hosting the annual Goombay Festival during the weekend of September 3-5, in downtown Asheville. The YMI Cultural Center is one of the oldest Black cultural centers in the United States, and is a local landmark within the City of Asheville. This year's festival will be the 40th anniversary of the event and will feature dancers, rhythm bands, a kids area, and more. The festival will also showcase and promote the historical legacy of the "Founding Fathers" in a nod to the city's entrepreneurial African Americans. 
Trout Insurance is proud to be a part of this great Asheville event. We will be providing information on new health insurance plans and companies  as well as new discounts for auto and home insurance. Mark your calendars and get ready to join in on the fun.
To find out more about the Goombay Festival or the YMI Cultural Center, click here.
If you would like to learn more about Trout Insurance Services, click here.
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Trout Insurance Services

Monday-Friday
9:00am-5:00pm & by Appointment


​Visit: 29 N Main St
Weaverville, NC 28787
     
Mail: PO Box 1414     
Weaverville, NC 28787  
Ph: 828.279.4681
​
Fax: 1.888.221.4842
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contact@troutinsurance.com
Trout Insurance is an Independent Insurance Agency Based in WNC. 
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“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or call 1.800.Medicare to get information on all of your options.”
Trout Insurance is an independent authorized agency licensed to sell and promote products from Blue Cross and Blue Shield of North Carolina (Blue Cross NC). The content contained in this site is maintained by Trout Insurance. Blue Cross and Blue Shield of North Carolina is an independent licensee of the Blue Cross and Blue Shield Association. ®, SM Registered marks of the Blue Cross and Blue Shield Association.”
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  • Insurance
    • Home & Auto Insurance
    • Medicare
    • Income Protection >
      • Disability Insurance
      • Long-Term Care
      • Critical Illness
      • Annuities
    • AARP - Hartford
    • Life Insurance
    • Health Insurance
    • Dental and Vision
    • Employee Benefits
    • Business Owners >
      • Group Health Insurance
      • Commercial Property & Liability
      • Business Overhead Expense Disability
      • Disability for Business Owners
      • Critical Illness
    • Short Term Health
  • Trout Team
    • Our Story
    • Dave Trout
    • Jessica Cody >
      • Home & Auto Insurance
    • Jeremy Sheridan
    • Robert Pugh
    • David Hanson
    • Jennifer Trout
    • Idelle Davids
    • Jan Trout
    • Steve Dillingham
  • Resources
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    • Aetna/CVS Health NC
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      • Health Insurance 2022
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      • Comparing 2022 Plans
      • Insurance Partners
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      • No Income Cap
      • Unemployment Glitch
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      • Privacy Policy
  • Community
    • Alignment's 5-Star Switch
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    • FALLing with Families
    • Medicare New Era Event October 13th
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    • Health & Wellness Fair
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    • Alignment Health Plans
    • YMI Winter Coat Drive
    • Medicare Seminar
    • Art in Autumn + MANNA
    • Music on Main
    • Western Women's Business Center Conference
    • Mural on Main Street
    • Expanded Team- Next Generation
    • Back to School
    • Weaverology
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  • Contact Us