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Why is my homeowners insurance costing more?

By August 26, 2022inflation, Insurance

Why is my homeowners insurance costing more than last year?  Just like about everything else, the cost of your home insurance is rising.  One reason for the rise in cost of your home insurance is the inflation guard.  This is put in place to make sure the replacement cost of your home stays correct.  Typically this increase to your dwelling limit is about 2 to 4% each year depending on the company.  This year you may be seeing an 8% increase in dwelling coverage on your home insurance due to inflation.  

That increase still seems a little high.

Unfortunately, the inflation guard is not the only factor affecting your homeowners insurance.  Due to an increased cost of claims, most companies are taking an increase in overall rate on your homeowners insurance.  These two factors are combining for a larger than normal increase in premium.

What can I do to lower my cost?

One way that could help with the increased cost of your home insurance is having us re-evaluate your policy.  Is your current company still the best option for you.  Another option is increasing your deductible.  Typically people do not have a lot of home insurance claims.  A higher deductible may save you enough money that even if you have a claim the savings are greater than the new deductible. 

I still have some questions.

You can call us at 412-344-2800 or reach out to us via our client center.  We are also on social media at YouTube, Instagram, Facebook, and Twitter.