For homeowners in some states, that fluctuation has meant a sudden and extreme increase.
Especially when money was already pretty tight in the first place.
Disaster has frequented Florida in recent years.
The Fort Lauderdale area experienced historic flooding.
But Florida isnt the only state facing rate hikes.
In fact, its not even at the top of the list.
Rates trending upward in your area doesnt always mean youll see a huge increase at renewal time.
First, dont immediately switch insurers.
Second, dont make any impulsive decisions.
Some factors to consider include the overall cost of living, job opportunities and lifestyle preferences.
Homeowners should weigh the pros and cons carefully.
Drowning in Expenses?
Maybe youre scrambling after your car broke down.
Or you got a medical bill you werent expecting.
Or inflation has finally pushed your budget over the edge.
You dont need to go it alone.
When money is tight,these resourcescan help you manage unexpected expenses without stress.
Here are some steps you’re free to take to lower your rates:
1.
Raise Your Deductible
When you file a claim, youll be required to pay a deductible.
However, a higher deductible usually means lower premiums, said Angel Conlin, chief insurance officer atKin Insurance.
Filing an insurance claim on a home isnt something most people do everyday.
Bundle and Save
Many insurers offer discounts to customers who have multiple policy types on the same plan.
Look into your options, and consider bundling your home and auto insurance on the same plan.
Bundling has another benefit.
You have everything paid in one place.
Take Advantage of Discounts
Bundling isnt the only way to save money.
Some insurersoffer discountsfor belonging to an organization or being a part of a certain profession.
Military members, veterans and their families also sometimes qualify for insurance discounts.
Being a long-term, loyal customer could also earn you a rate cut.
Lastly, if youre a senior, check into any senior discounts your insurer offers.
The AARPpartners with insurersto provide member discounts, as well.
Rate-Proof Your Home
Insurance is all about risk.
For that reason, simply installing a security system or smoke detector could shave a little off your premiums.
The reverse is true, as well.
Before installing a pool, look into what that will do to your homeowners insurance rates.
Your location also is taken into consideration before youre quoted a rate.
Can You Survive 10 Days of Budgeting?
Youll be prepared if insurance hikes strain your budget past the point of no return.
Its also wise to keep an eye on your insurance options.
Some homeowners will have fewer options for coverage as insurers leave high-risk states, Sheets said.
Buying in an area with fewer severe weather risks could save homeowners from exorbitant climate-related rate hikes for now.
Watching rates increase and provider options decrease can feel frustrating.
But if you are seeing those changes, its important not to panic.
Stephanie Faris is a professional finance writer with more than a decade of experience.