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​Rise in Homeowner’s Insurance Rates? How Can You Keep Your Costs Down?

By July 1, 2021July 6th, 2021Personal Insurance

While rates can go up for understandable reasons like claims or recent home improvements, what if you’ve been claim-free and your home hasn’t changed?

Here’s what you should know:

  • You may have also noticed that the weather seems to be getting more volatile: wildfires in the West, tornados in the plains, floods in the Midwest, and hurricanes in the East. As the frequency and intensity of weather events increase, so do the number of homeowner claims in the impacted areas.
  • Insurance can be loosely defined as a “shared burden,” which means we all contribute so that when disaster strikes, the ones who need help can get it. If a particular area is deeply impacted by a disaster, insurance rates in the region may go up as a result.
  • Inflation is the most common reason for unexpected rate increases. Labor and materials cost more each year; therefore, insurance carriers may increase the replacement cost estimation for your home during the annual review process. If that estimate goes up, it is likely your premium will, too.

Here are some points to keep in mind to keep your costs down:

  • Mortgage refinances are at an all-time low. Check out for more information, and let them know HAA sent you!
  • Increasing your deductibles to a tolerable amount.
  • If you are thinking about a home security system (or have one), make sure you are receiving the discount.
  • If you have recently gotten a new roof, please let us know, as it can help lower costs.

We hope this helps paint a clearer picture of the driving factors behind any potential rate increases you may see.