Change is a constant in life, and the insurance landscape in Indiana is experiencing a significant shift as Encompass Insurance announces the closure of its operations in the state. If you’re an Encompass policyholder in Indiana, it’s essential to understand the reasons behind this decision and how it might impact you. Let’s take a closer look at the situation.

Why the Change?

Encompass Insurance has decided to exit the Indiana insurance market, meaning they will no longer be selling insurance policies in the state. This move comes with several changes, including the discontinuation of new policies and adjustments to existing ones. So, why is Encompass Insurance making this decision.

The decision to close operations in Indiana is often driven by a range of factors, including changes in market conditions, regulatory considerations, and the overall business strategy of the company. In some cases, insurers may decide to refocus their efforts on specific regions or lines of business that align more closely with their long-term goals.

Impact on Existing Policyholders:

If you’re currently an Encompass Insurance policyholder in Indiana, you may be wondering how this decision affects you. Here are the key points to consider:

• No New Policies:

Encompass Insurance will no longer issue new insurance policies in Indiana. If you were considering getting coverage from Encompass, you’ll need to explore alternative insurance providers.

• Rate Adjustments:

It is possible that you may see Encompass raising rates for some existing policyholders. This means your premiums may increase, prompting you to evaluate whether sticking with Encompass aligns with your budget.

• Coverage Continuity:

At this time, your existing coverage with Encompass remains in effect until you decide to switch companies or unless the company finds your policy is ineligible to be renewed. They are NOT non-renewing policies because they are no longer writing insurance in Indiana. This is good news for those of you who decide to stay with them.

• Transition Assistance:

Encompass is likely to provide information and support to policyholders during this transition period. It’s essential to stay informed about any communications from the company and understand the steps you need to take. Algate Advisors will also be here to help in any way we can during this transition.

What Should You Do?

Facing changes in your insurance provider can be unsettling, but here are some practical steps to navigate this transition smoothly:

• Review Your Coverage:

Take a close look at your current coverage with Encompass. Understand the details of your policy, including deductibles, coverage limits, and any additional features. This will help you make an informed decision when exploring alternatives.

• Consider Your Budget:

With Encompass raising rates, assess the impact on your budget. Determine whether the new premiums align with your financial goals or if it’s more cost-effective to switch to a different provider.

• Requote Your Policies:

Algate Advisors will be pro-active in requoting your policy when your renewal rates come out.  If your rates are much higher at renewal, we will be looking at all other options to get your rates as low as possible.

• Contact Algate Advisors:

If you have questions or need clarification about the changes, reach out to Algate Advisors. We provide guidance on the transition process and offer assistance as you navigate these changes.

 The last couple of years in the Indiana insurance market has been crazy. As we go into 2024, we are anticipating another challenging year regarding insurance premiums, underwriting guidelines and changes, and overall coverage limits. We are carefully looking over each policy at renewal for all our clients and are committed to helping you make the best financial decisions to protect your assets and family.