Tips for Home Insurance Buyers in 2024

Posted March 07, 2024

While most significant factors, such as weather conditions, climate change and economic inflation, are out of the control of homeowners, policyholders must still consider steps they can take to mitigate rising premiums and find any potential savings that may be available. Retaining adequate insurance protection is vital for financial security, even during difficult times.

Consider the following strategies that may help limit rising home insurance rates:

  • Weatherproof your home. Homeowners may be able to reduce perceived risk levels and, by extension, premiums by installing and implementing protection from the elements. This may include upgrading a home’s roof, installing storm shutters, trimming or removing trees and brush, and using nonflammable building materials.
  • Upgrade Installing smart technology, such as water leak detection systems, fire alarms and security cameras, could help lower premiums.
  • Update To combat rising rates, policyholders may want to revisit various coverage features. For example, increasing a policy’s deductible may reduce regular payments.

However, homeowners will need to pay more out of pocket in response to covered incidents before submitting a claim for financial aid.

  • Bundle policies. Many homeowners can garner lower overall insurance costs by purchasing multiple types of coverage from the same insurance carrier.
  • Limit liability risks. Consider reducing liability risks by removing attractive nuisances (e.g., swimming pools, playground equipment and firepits).
  • Research Many insurance companies may offer lower rates for select groups, such as retired people, military personnel, and members of various organizations and associations.
  • Improve your credit score. Many insurance companies have made credit scores increasingly important when quoting homeowners insurance rates.

Our agency is here to help you navigate the changing insurance market. Reach out to us today to learn more about how we can help you find the home policy that’s right for you.