“Ouch, that is a big increase!
Many times the rate of your insurance can change due to factors that are out of your control.
Due to the pandemic, this past year has been hard on people, businesses, and the economy in general. Your insurance policy may be reflecting this.
Most of the time your rates changes for the following factors:
- A claim being filed on your policy.
- Your insurance company experiencing a big loss due to too many claims being filed from all of their insureds. This can happen for large floods and wildfires.
- The insurance company needs to make more profit.
- The cost of building materials and labor has increased.
That last bullet point is the one that most likely impacted your renewal. At this current moment in time, the cost of lumber and building materials has increased by over 207%. This is due to factories shutting down and the supply not keeping up with demand.
This will not always be the case, but insurers all over the country and seeing an uptick in the price of their homeowner’s insurance right now.
The best course of action is to call your insurance company and ask for a policy review and any additional discounts.
If they aren’t able to lower the rate, it is time to shop for a new company. Getting homeowners insurance in Florida is a challenge, but it doesn’t hurt to look.
One way to save is by bundling your auto and home insurance
. This way you can take advantage of a multi-line discount
Use the free Jerry
app to help make this happen! Jerry collects auto and home quotes from over 50 companies and brings the lowest
available rates right to your phone.”