Do international tariffs affect my personal insurance policy premiums?

Generally, tariffs—especially those related to international trade—don’t directly impact personal insurance policy premiums (like Home, Auto, or Renters insurance), but they can have indirect effects. Here's how:

Auto Insurance:

• Tariffs on imported car parts can increase the cost of vehicle repairs.

• Higher repair costs mean insurance companies pay more in claims, which can lead to higher Auto insurance premiums.

Homeowners Insurance:

• If tariffs raise the cost of building materials (like lumber, steel, or electronics), that increases rebuilding costs after a claim.

• This can prompt insurers to adjust replacement cost values, raising premiums.

Inflation & General Market Impact:

• Tariffs can contribute to overall inflation.

• As inflation drives up costs for repairs, materials, labor, etc., insurers may raise premiums to keep pace.