In case you have not noticed, prices are increasing on most items, especially wood, gas food, and more. Home insurance premiums are based on the replacement value of your home, or the cost to rebuild with like kind and quality materials. If the cost of lumber is going up, then you might assume the cost to rebuild your home is increasing, and your premiums accordingly. But there are many reasons why your home insurance premium might go up.
- Natural disasters affect home insurance premiums
- Inflation
- Your individual claims
- You Have Outdated Electrical, Plumbing, and HVAC Systems
- Aging home
- Your home improvement
- You Added a Trampoline or Swimming Pool
- The type of dog you have
Whys to reduce your homeowner’s insurance (these may not apply to every insurer)
- Purchase all your insurance through our agency
- Install an alarm system
- Choose paperless billing
- Avoid making small claims
- Pay annually instead of monthly
- Review the limits in your policy and the value of your possessions at least once a year
- Ask us about additional discounts
- Evaluate your policy and eliminate any coverage you no longer need
- Consider increasing your deductible.
- Don’t confuse what you paid for your house with rebuilding costs
- Keep your home well maintained
- Replace your roof, water heater, and other equipment when needed
- Review your policy regularly. You may not need the same kind of coverage you did a few years ago.
