There’s no question that insurance costs have gone up, and we can spend hours on end talking about some of the reasons why that is. The bottomline is, natural disasters around the country along with elevated costs of materials/construction have largely contributed to elevated insurance costs. Inflation certainly hasn’t helped. In some parts of the country, insurance companies are being priced out for being able to keep up with the high costs of doing business, limiting options to even fewer insurance providers. This phenomenon, though prevalent in some areas more than others, has a ripple effect for everyone throughout the country.
Even though we can’t control this process, there are some things we may be able to do to keep insurance costs low in the midst of sky high premiums, let’s dive into some of these.
- Select a higher deductible: A higher deductible price may result in a cheaper overall premium if you are okay with paying more should you have to file a claim. \
- Reconsider making small claims: Sometimes, a history of claims can it make it harder to find insurance in the future, as a result, you’re forced to pay a higher premium because you have no other choices. One way to avoid this is to remedy small issues, if you feel comfortable, without involving insurance companies.
- Bundle Insurance Packages: Oftentimes bundling your home insurance with car, boat, or RV insurance can result in a lower cost premium on some or all of those packages, it’s a great option to consider.
- Disaster proof your home: Reinforcing doors, windows, and roofs can be massively beneficial particularly if you live in areas with a strong likelihood of natural disasters. While you’re at it, snap a picture and send it to your home insurance company, it may save you money on your annual premium!
- Ask for Discounts and Shop around: Ask and you shall receive! Sometimes saving money on insurance is as simply as just asking for it. Many companies provide discounts based on history, memberships, and employment, and so it’s worth it to at least ask if any are available to you. If not, no worries! This is a great time to shop around and compare prices. Even though this can be tedious, that little bit of research can save you a lot of money.
Insurance costs should not be breaking that bank, but unfortunately times are changing and we as homeowners also have to adapt to this. Little things like the items I listed above can go a long way towards saving you home insurance costs. Thanks for reading!