This is reprinted by permission from . Home insurance costs are rising. Supply chain issues due to the pandemic, labor shortages in the construction industry, rising inflation, and increasing natural disasters are contributing factors. And experts say this trend will continue.
Don’t drop coverage to save money Dropping coverage to lower your premium may save you some cash in the short term. But if disaster strikes, you’ll be left footing the bill when it’s time to rebuild your home and replace lost belongings. Plus: Opportunistic real-estate hunters targeting Florida towns that just weeks ago were in Hurricane Ian’s path
“Bundling your policies is a great way to save,” Brian Pattillo of Westlake, Texas, vice president of strategy at Goosehead Insurance, wrote in an email. Some insurer websites state that homeowners who bundle auto and homeowners insurance can save 20% to 30%.Don’t miss: IRS sets new 401 limits — investors can save a lot more money in 2023
Avoid filing small claims Home insurance premiums typically increase after a claim, so avoid filing small claims if you can.
Source: Insurance Report (insurancereport.net)