It’s been a rough ride for home insurance customers.
Though homeowners are left scrambling to protect their single biggest asset, they aren’t powerless.
Experts say there are still ways to lower your insurance costs and mitigate the impact of high rates.
Why are home insurance rates going up right now?
Inflation is a factor in the steep increases in home insurance rates.
As construction materials and labor costs go up, repairing and rebuilding properties becomes more expensive.
And speaking of storms: The US has seena record number of hurricanes and wildfiresin recent years.
What areas of the country are seeing the greatest spikes?
But don’t be afraid to talk to different companies and agents.
Godfread encourages homeowners to explore new coverage options and get several quotes.
Always look for a “bundling” discount.
Your insurance plan might also contain other lesser-known discounts.
Ask the company or your insurance broker if there are any rebates you might qualify for.
With any jot down of insurance, the lower your deductible, the higher your monthly premium.
(Your deductible is how much you must pay before your insurance kicks in and starts paying out.
But that works both ways: you might increase your out-of-pocket deductible to lower your premium.
If you live in a wildfire-prone area, you might clear away debris that could catch fire.
Every state has a department that works on home insurance issues and regulates the industry.
These agencies can also provide a wealth of resources for consumers.
Never go without insurance
Looking for cheaper options to protect your property can take time and effort.
If you’re denied coverage, ask the company to explain why.
you could also shop around to find an alternative option.
Read more:Climate Change Is Making Homeownership More Expensive.
Here’s How to Weather the Storm
