Home insurance has become complicated in the last year. Insurance companies have been losing money on home insurance for a long time. In the past, insurance companies used profits from auto insurance premiums to subsidize home insurance losses. Those days are gone as the economy has slowed and the profits from auto insurance have decreased.
The home insurance industry, as a whole, is taking steps to “stop the bleeding”. Some companies are increasing premiums or charging for coverage that was previously included at no charge (i.e. water or sewer back-up). Premium increases of 10-15% or more have been common. Some companies are forcing higher deductibles. Some companies are increasing premium and forcing higher deductibles.
There are ways to lower your home insurance premium. Call us to review your insurance and discuss discounts you may be eligible to add to your policies.
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