Does Homeowners Insurance Go Up Every Year?

The short answer is yes.  Think about what your homeowners insurance covers.  If there is a loss the cost to repair your home increases every year, especially this year!  We are seeing significant increases in home insurance premiums.  The cost of wood is up, the cost of labor is up, the cost of gas to transport goods and labor is up.  

Aside from the cost to repair your home, the likelihood of damage to your home increases with age.  If you have out dated HVAC, your premium can be higher.  You are more likely to have a loss when your home systems are not current.  If you have made any updates to your your home systems, let us know, it could affect your premium.

What can you do to offset increases in premium?  You can increase your deductible.  The deductible is how much you will pay before your insurance coverage kicks in.  We have been seeing customers with $2500 deductibles because they want to save money.  The thought behind a high deductible is that you are only planning to use your insurance for larger claims.  You save on your premiums every year and are willing to pay out of pocket for claims under a certain threshold.

Also smart home technology is helping to lower home insurance premiums.  There are devices that detect if you have a water leak, or security systems that alert you when a door or window is opened in your house. Finally, if your home and auto are not bundled together with the same company, you are losing out on a significant discount.

If you have any questions about your homeowners policy, please let us know.  We are happy to answer all of your questions and give you advice on how to best cover your biggest asset. www.mancuso-nowak.com