15 Nov The Rising Cost of Charlotte Home Insurance
With the scorn of Mother Nature taking its toll on our country this year, Charlotte home insurance policy holders are now seeing the consequences. All over the U.S. we have seen one natural disaster after the other from earthquakes, hurricanes, and tornadoes to completely unexpected and devastating snow storms. As a result, the number of claims that insurers are receiving is steadily on the rise which means policy holders are seeing themselves hit with higher insurance rates.
According to the Tulsa World Report (Tulsa, Oklahoma is one of the hardest hit areas with severe storms and natural disasters), industry data show claimed losses on state home-owners policies more than quintupled from 2005 to 2010. Insurers are raising costs not only because of the huge amount of claims that have come in, but also because the trend indicates that expected future costs will likely continue to grow.
Yet, weather is not the only factor to blame for rising premium costs. Other aspects that go into determining the premium cost for home insurance is the home’s age, its location, and the quality of its construction. All of these factors come together to create the distressing fact that home insurance costs are on the rise, but the following are some tips to consider in order to help fight the rise.
- One of the most common ways to save on insurance is to “bundle” your policies. When you purchase more than one type of insurance from the same company, a bundling discount is often applied which reduces the cost of your premiums. The most frequently bundled policies are auto and home insurance.
- Shop around! By checking with several different companies on their rates, it ensures that you get the best and most cost effective policy for your individual circumstances. The good news is, here at Spivey Insurance Group we shop around for you! Use our online insurance free quote, or call 877-318-5951 to talk to one of our agents.
- Raise your deductible. The higher the deductible you have to pay before the insurance kicks in, the lower the cost of your premium will be.
Still want more money saving tips? Visit Insure.com to learn of 15 ways you can save on your Charlotte home insurance!