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Why Are Home Insurance Rates Rising? 

Home insurance rates have increased over 20% since 2023. More claims from natural disasters are being submitted, meaning insurance companies are raising their rates. While the increased rates are being experienced all over the country, there are some ways to possibly lower your premiums.

Reasons Rates are Increasing

Natural Disasters

The United States has seen an increase in natural disasters in the past few years. This includes hurricanes, tornados, wildfires, and floods. These events are becoming more frequent and costly as more claims are being submitted. To cover the cost of weather-related damages, insurance rates are rising all over the country.

Material Costs

Material costs for rebuilding homes in case of a complete loss have also risen. Limited building supplies increase the prices of lumbar and roofing materials. Insurance rates must cover materials and labor if your home needs to be rebuilt or needs repairs.

Constructions Costs

The construction industry is facing skilled labor shortages. The lack of these specialized workers adds possible wage expenses to claims. If you need a repair or rebuild, the costs may be higher due to the labor shortage.

Ways to Lower Insurance Premiums

Bundle and Save

Bundling your home and auto insurance policies can save you money when you have coverage with the same insurance provider.

Install Protective Devices

Some insurance companies offer discounts for home protection devices, such as fire alarms, water sensors, and smart home alarm systems. Contact your FBC Insurance Services agent to see what your home may qualify for.

Raise Your Deductible

Raising your deductible on your home insurance to an amount you are comfortable paying will lower the amount your insurance company must pay in the event of a claim.

Talk with FBC Insurance Services Agents

FBC Insurance Services agents are dedicated to finding you the best rates for your home insurance. Call or email us to get a quote from any of our A-rated 35+ carriers on home and supplemental insurance.

The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.

Ready to Learn More?

Connect with one of our insurance specialists today.

Why Choose FBC Insurance Services?

At FBC Insurance Services, we are committed to providing our clients with outstanding customer service. We have access to many different A-rated insurance carriers that are able to provide coverage across the country. This means we will shop them all and find the best insurance offer whether it’s for your home, flood, auto, motorcycle, boat, recreational vehicle, or personal policy. We also offer bundling of policies to provide you further discounts and savings.

All information presented is for educational purposes only and not intended as financial advice.

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