Will My Homeowners Insurance Increase This Year?

If you’re a homeowner in New England, you’ve probably noticed that your insurance premiums have been rising. And according to industry experts, they’re likely to keep going up.

Several factors are driving this trend, including increased natural disasters such as hurricanes and Nor’easters. So, if you’re looking for ways to save on your homeowner’s insurance, it’s essential to understand what’s behind the rising costs.

The answer isn’t entirely that cut and dry. Homeowners’ insurance premiums are determined by several factors, including the value of your home, the amount and type of coverage you have, your set deductible, and more. In addition, insurance companies periodically reassess the risk of insuring your home and may adjust rates accordingly.

Of course, it is generally true that as home prices increase, so do insurance premiums. This is because the cost to replace your home (and your possessions) increases along with home prices. If you’re concerned about your rates increasing, there are a few things you can do to prepare.

What You Can Do to Lower Your Rates

While you may not be able to control all the factors that go into setting your insurance premiums, there are still things you can explore to lower your rates, such as:

Shop around for a better rate

Don’t just accept the first rate you’re given. Get quotes from several companies before you decide, but also understand whether the price difference is justified regarding the coverage options to protect your home and assets.

Bundle your policies

If you have more than one type of insurance, such as life or car insurance, you may be offered a discounted rate if you bundle the policies through the same insurance provider.

Increase your deductible

A higher deductible means paying more out-of-pocket if you need to file a claim. However, it also means your monthly premiums will be lower.

Make your home more hazard-resistant

Installing smoke detectors, carbon monoxide detectors, and security systems may earn you a discount on your home insurance rates. Check with your insurance provider to see what precautionary measures could help you qualify for reduced premiums.

Get started on your preparations today by contacting us at LBP Insurance. We can help you get the coverage you need to feel secure and protect yourself and your family, even during these uncertain times.