Homeowners Insurance Rates Up? Here’s What You Can Do

Given the state of the economy, many people can expect an increase in their homeowners insurance rates this year, along with the cost of supplies and materials. If you saw an increase in rates, you’re not alone!

S&P Global Market Intelligence reports that in 2023, home insurance prices increased by an average of 11.3% nationwide, with spikes of more than 20% experienced by owners in Arizona, Texas, and Utah.

If you’re among the 94% of homeowners who renewed their policy last year only to discover that their rates had increased, here are some possible explanations:

• Increase in extreme weather conditions and natural disasters
• Growing issues with supply chains and rising building material costs as a result of inflation
• Your roof is old and due to be replaced 
•  Your credit score went down last year
• Carriers are less inclined to write policies in high risk states
• You filed a claim or multiple claims last year

If you’ve noticed a recent increase in your house insurance rates, here are some tips to help you save money:

• Combining your auto and house insurance can result in cheaper premiums.
• Ask around for more quotes and discounts.
• Invest in storm-resistant landscaping, drains, and windows to weatherproof your home.
• Re-shop your insurance. 

Whether you’re shopping for new insurance or reviewing your current policies, we’re here to help! Reach out now to connect with our partner insurance companies and discover how you can lower your premiums and deductibles!