If you’re a homeowner, you may have noticed an increase in your insurance rates recently, which is a trend that’s happening across the country. Many people are asking, “Why did my home insurance go up?“. Understanding the factors behind this increase can help you take steps to reduce your premiums and protect your home. Some of the reasons that impact homeowners insurance rates include natural disasters, higher claims frequency and severity, increasing property values, and changes in insurance regulations.
However, there are ways to lower your rates, such as investing in home safety features, maintaining your property, and shopping around for quotes. In this article, we’ll delve deeper into the reasons behind the increase in homeowners insurance rates and provide actionable tips on how you can reduce your insurance premiums.
Increase in Natural DisastersAffecting Homeowners Insurance
–
There are several factors that contribute to the increase in insurance rates, and natural disasters are a major one. Wildfires, hurricanes, earthquakes, floods, and other extreme weather events can cause significant damage to homes and property, resulting in a surge in insurance claims. In fact, over the last five years (2018-2022), the United States has experienced a record-breaking number of billion-dollar disasters, with a total cost of $595.5 billion. The annual average cost of these disasters during this period is $119.1 billion, which has put immense pressure on insurance companies and homeowners alike
Increase in Housing And MaterialsAffecting Homeowners Insurance
–
Inflation is an important factor that impacts your insurance rates, particularly when it comes to the cost of replacing your home. The rising cost of buying a home means that the cost of rebuilding or repairing your property in case of damage or loss has also increased. This is why dwelling coverage, which is designed to protect the structure of your home, needs to be adjusted accordingly.
While this can lead to an increase in insurance premiums, it’s crucial to ensure that you have adequate coverage to protect your investment. Additionally, inflation can affect the cost of personal property coverage, liability coverage, and other types of insurance policies. However, there is hope. Although Inflation peaked at 9.1% in June 2022, we are seeing a downtrend. Currently in February 2023 inflation fell to 6%
What Can You Do To Lower Your Insurance Premiums
–
Finding affordable homeowners insurance can be a daunting task, but there are many ways to save money on your premiums without sacrificing quality coverage. Here a few things to consider:
Increase your deductible: By increasing the amount you pay out of pocket in case of a claim, you can lower your monthly or annual premiums.
Bundle your policies: If you have multiple insurance policies, such as home and auto insurance, bundling them with the same provider can often lead to discounted rates.
Improve your credit score: A higher credit score can lead to lower insurance premiums, as it demonstrates financial responsibility and reduces the perceived risk for insurers.
Invest in home safety features: Installing smoke detectors, security systems, and other safety features can reduce the likelihood of a claim and lower your premiums.
Shop around for quotes: Don’t be afraid to compare quotes from different insurance providers to find the best coverage at an affordable price.
Consider reducing coverage: While it’s important to have adequate coverage, you may be able to reduce certain coverage types or limits to lower your premiums. Just make sure you’re not sacrificing important coverage in the process.
By taking these steps and regularly reviewing your policy, you can potentially lower your insurance premiums while still maintaining adequate coverage.
Motorcycles, RVs, ATVs, life insurance, you name it…we can help!
Thank you Lauren. You made my bad day...read moreThank you Lauren. You made my bad day Good . Kindness goes along wayread less
Beth M.
8/14/2022
Jola was amazing she got job for me...read moreJola was amazing she got job for me and went above and beyond for me I appreciate that . 🙏🏾read less
Brittany C.
9/14/2022
Marlon help me out very good appreciate it thanks
Jeremiah D.
1/09/2023
Jola was very informative and professional. Had insurance...read moreJola was very informative and professional. Had insurance in less than 15 minutes.read less
Mel R.
10/25/2022
Helpful and informative the right way to do business.
The 3.
7/21/2019
Very great service thank you
bill l.
6/14/2022
Marlon Moss with A Plus Insurance was great...read moreMarlon Moss with A Plus Insurance was great helping me find insurance after I dealt with lapse if coverage due to identity theft. He looked around for lowest priced insurance with good coverage for us and we got it immediately the same day actually within the same phone call! Marlin is great talk to and has wonderful communication skills. That's why I've given him five stars.read less
Arlene H.
1/19/2023
She was extremely kind and helpful, very patient...read moreShe was extremely kind and helpful, very patient and helps find the best plan for youread less
Jasmine “.
11/21/2021
Everything was great Lauren is great thanks Jimmie Waddle
Jimmie D.
7/21/2020
All agents are super helpful, knowledgeable, friendly and efficient.
Jerrica
7/21/2021
Katie is awesome! She was able to get...read moreKatie is awesome! She was able to get the insurance that my fiance and I needed and she was so nice! She went above and beyond for us and we thank her for that.read less
Pana C.
7/21/2021
This company is AWESOME!!! They provided quick, prompt...read moreThis company is AWESOME!!! They provided quick, prompt and professional service!! Alexandra was amazing!! I would definitely recommend this company to my family and friends. I will be an A+ customer for life!!read less
Erica R.
2/08/2023
Crystal is helpful, timely and always friendly.
Cori L.
7/21/2019
Very good service
King V.
7/21/2021
I’d give them an A+ for finding me...read moreI’d give them an A+ for finding me a good provider and how promptly they did it. Thank you.read less
Johnny G.
3/29/2023
Lauren McKenzie was very helpful and professional!! Great...read moreLauren McKenzie was very helpful and professional!! Great experience she made everything easy!!read less
Steven G.
7/21/2020
Fantastic !!! this is the best family owned...read moreFantastic !!! this is the best family owned insurance agency Highly recommendread less
Amaru T.
11/14/2020
I'm GLAD I found this insurance company! I...read moreI'm GLAD I found this insurance company! I had the pleasure of speaking with a very considerate agent named Sy sopko! he made my day with his funny sense of humor. he was very polite and got me a very good insurance policy for 2 of my car's for a very awesome price! I totally recommend this insurance company if your looking to get some reasonable insurance from a very down to earth agent! thank you again Sy and take care! 😊read less
Red2thebone
7/21/2020
Justin was a allstar I told her I...read moreJustin was a allstar I told her I that I hate phone calls like these and since COVID-19 everything on the customer service side of things where completely terrible….she gives me hope this can get better she was always asking if I need help she waited on the phone till I received and read everything she was kind and had a lot of information to offer no more I could ask forread less
Kahlil B.
7/21/2021
insurance notes: married resident 31 bundle...read moreinsurance notes: married resident 31 bundle coverage ATV Insurance accidents Colorado Prior insurance AMIG Mazdaread less
Jessica C.
4/21/2022
My experience with Katie was extremely helpful and...read moreMy experience with Katie was extremely helpful and pleasant. you could absolutely tell that she really enjoyed what she does and wasn't just trying to collect a paycheck! She was patient and answered all of my questions in a professional manner. I am extremely pleased. 😊read less
Gianna B.
7/21/2021
Christal is amazing and found me the best...read moreChristal is amazing and found me the best policy at a great priceread less
Sean D.
7/21/2020
Lauren was friendly and fast. 👍👍
Brad
12/20/2022
Been with these people for years. Every agent...read moreBeen with these people for years. Every agent in the is super nice and helpful. Quick coverage too. Can’t recommend enough.
Response from Owner - We are so glad we continue to meet and exceed your expectations.
Notes: Discounts applied, EFT, Proof of prior insurance, Violation free, accident free, Paperless.read less
