If your homeowner’s insurance premium went up this year, you are not alone.
Last fall, we shared that we are experiencing one of the hardest markets in decades. Click here for the full article that explains in detail what a hard market means for your insurance rates. Increases are happening to everyone.
Why? Increases from insurance carriers have become the norm as a result of inflation, increased claims, higher property replacement costs, and natural disasters. Insurance companies have also tightened their underwriting requirements and are becoming increasingly selective on what they will and will not insure.
Our new business department has been flooded with calls from people seeking coverage because their home insurance was non-renewed. Non-renewals are occurring for a variety of reasons, including:
• too many small claims
• too many overall claims
• Insurance carriers are leaving the state or selling their business to another carrier
Unless there is a good reason to move your coverage from one carrier to another, we recommend that you stay with your current carrier this year.
Why? If you choose to “shop” your insurance coverage, your property could be required to undergo an inspection. If the carrier finds any issues, you will have to address the repairs needed or risk having your policy cancelled. These issues could range from minor repairs (fixing a railing) to major ones (replacing a roof).
Often, the cost of these updates far exceeds any potential savings you were hoping to receive.
In addition, you may find the estimated cost to repair or rebuild your home is now higher than your coverage limits. Click here to learn more about market value vs. replacement cost value.
The good news is, we are here to help. We love working with you and will do our best to offer advice and advocate for you.
You will never be sent to a call center for assistance with your policies. When you have a claim, we are here to walk you through the process. We want you to have the coverage you need so that if the unthinkable happens, you can be made whole again.
