NASHVILLE, Tenn. (WTVF) — Chances are you’re probably paying more for home insurance these days–in some cases, a lot more. Of course, we're paying more for everything these days.
Blame natural disasters, inflation, and where you live. All contributing to the jump in premiums. The good news though is that there are ways to still find significant savings.
Start by shopping around. Consider a local independent agent or broker who sells policies from several insurance companies. They might also recommend policy add-ons to help your coverage keep up with inflation, which is important when you file a claim.
While you’re at it, bundle coverage.
“Purchasing your homeowners and auto coverage from the same company can provide savings of up to 30 percent overall,” said Consumer Reports' Tobie Stanger.
Keep your deductible high. Higher deductibles mean lower premiums. Going to a $1,000 deductible from $500 might shave your premium by 25 percent.
Do some home upgrades. First – look up.
“The age of your roof matters. Some insurers add a surcharge of up to 15 percent for older roofs," Stanger said. "You’re better off getting ahead of the storm and replacing it.”
The same goes for older plumbing. Replace it. By the way, a home security system and gas and water leak detectors could also save you money. Clean up your credit.
Like it or not, most insurers can use what’s called a credit-based insurance score. They can check your score often and use it in pricing premiums.
Finally, know this about pets, pools, and other pastimes. Some insurers say the risk of dog bites—and liability lawsuits—is greater with certain breeds. You might be denied or have to pay more.
Trampolines and pools are safety risks. And if you’re a smoker – that could be a fire risk.
Also, report the truth. Not divulging honest information could lead to dropped coverage if your insurer learns about it later after an accident.
Be cautious about how often you make a claim. One every few years shouldn't be a big deal– but three claims in two years might raise your rates or even lead to you being dropped by your carrier.
Fostering Hope provides Christmas for kids in foster care. I'm delighted to see Fostering Hope expand this year to expand their reach to now include kids in Foster care in metro AND foster kids in East TN hard hit by Helene.
-Bree Smith
