Home insurance rates have increased over 20% since 2023. More claims from natural disasters are being submitted, meaning insurance companies are raising their rates. While the increased rates are being experienced all over the country, there are some ways to possibly lower your premiums.
Reasons Rates are Increasing
Natural Disasters
The United States has seen an increase in natural disasters in the past few years. This includes hurricanes, tornados, wildfires, and floods. These events are becoming more frequent and costly as more claims are being submitted. To cover the cost of weather-related damages, insurance rates are rising all over the country.
Material Costs
Material costs for rebuilding homes in case of a complete loss have also risen. Limited building supplies increase the prices of lumbar and roofing materials. Insurance rates must cover materials and labor if your home needs to be rebuilt or needs repairs.
Constructions Costs
The construction industry is facing skilled labor shortages. The lack of these specialized workers adds possible wage expenses to claims. If you need a repair or rebuild, the costs may be higher due to the labor shortage.
Ways to Lower Insurance Premiums
Bundle and Save
Bundling your home and auto insurance policies can save you money when you have coverage with the same insurance provider.
Install Protective Devices
Some insurance companies offer discounts for home protection devices, such as fire alarms, water sensors, and smart home alarm systems. Contact your Pine Street Insurance Services agent to see what your home may qualify for.
Raise Your Deductible
Raising your deductible on your home insurance to an amount you are comfortable paying will lower the amount your insurance company must pay in the event of a claim.
Talk with Pine Street Insurance Services Agents
Pine Street Insurance Services agents are dedicated to finding you the best rates for your home insurance. Call or email us to get a quote from any of our A-rated 35+ carriers on home and supplemental insurance.
