Updated: May 19, 2021
What do you do If your Home insurance increases. The answer is to get an insurance review or get a home insurance quote from multiple carriers in other words “shop your insurance “. Any independent insurance agent like myself should be able to give you quotes from multiple carriers or a review of your current policy. below I tell why your rates maybe increasing
No matter what county you live in Douglas, Sarpy, Lancaster Pottawattamie or any other two things are for sure! Your taxes and your home insurance will go up at some point.
Rate increases, referred to as “taking rate” are in part driven by the carriers passing on their own increased costs and we all know that 2020 was a costly year for businesses and families. Here are few of the things that may make your rate increase.
Wildfires- Climate change is blamed for more than 800 wildfires in the west that burned more than six million acres. This created home and auto insurance claims in the billions of dollars. It was so costly that many insurance carriers are leaving those states or portions of those states that suffered fires.
Tornadoes – there was a significant increase in tornadoes in the Mid-South that has also been attributed to climate change.
Hurricanes – 2020 saw a record number of hurricanes make landfall in the U.S.
Building supplies – because of the widespread destruction caused by the above events the rebuilding efforts have cause a shortage of supplies and labor causing a dramatic increase in costs to rebuild.
Home insurance carriers have just a few ways to make up for the tremendous losses they suffered. They can
Increase your premiums.
Create stricter terms on policies.
Refuse the riskier policies.
The dramatic increase in building supply cost, sometimes exceeding 1000% , was a shock to the industry and id causing the losses to the carriers to continue.
I understand that you do not care about the carriers and you’re here to manage what you can and that is your families cost to insure your home. Here are the things you can do to manage your insurance costs.
Raise your deductibles.
Get an insurance review.
Have an independent agent get you quotes from multiple carriers; some may not have been affected by the afore mentioned causes.
I work with more than 12 different insurance companies for auto insurance and more than 6 insurance companies for home insurance , I do the shopping for you ! Call me, text me , email me or fill out a quote request on my web page today and lets get you a better quote on home insurance.
Terry Thompson , Insurance Agent
Terry Insurance Group
3606 N 163rd Plz
Omaha, NE 68116
Office : 402-614-7060 (available 24/7)
Fax : 402-498-4357