What to Do When Your Homeowner’s Insurance Rate Increase

You open your inbox or mailbox and spot a message from your insurer: your homeowners insurance premium is going up. Maybe it’s not a huge surprise, but seeing that new number can still make you pause and wonder what changed. If you’re preparing to buy a home, rising insurance costs can add another layer of uncertainty as you try to figure out what you’ll actually pay each year. With homeowners insurance rate increases becoming a common concern, it helps to understand what’s behind them and whether there are ways to keep your costs manageable. That concern is widespread, with about 7 in 10 U.S. homeowners (71%) saying their homeowners insurance costs have gone up in recent years, including 42% who say they’ve gone up a lot. Check Your Current Home Value Curious how much your home is worth today? Answer a few simple questions about your home and we’ll provide you with a preliminary estimate in under two minutes. What nationwide factors are driving home insurance rates higher? More claims from severe weather and natural disasters Severe weather and natural disasters can leave behind damaged roofs, flooded homes, and a pile of insurance claims to sort through. And the price tag can be ...