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Your Homeowner’s Insurance Premium Just Went Up: What Can You Do About It?

The "American Dream" can have many definitions, but it often entails homeownership. Owning a home is about more than just pride, it also creates an opportunity to build financial freedom. Homeowners have control over their home and build equity as they pay down their mortgage.  Unfortunately, many homeowners have seen rising homeowners insurance premiums. Premiums typically increase with inflation but recently we've seen increases as high as double digits. A recent article from FloridaRealtors.org explains why these rate increases are becoming common for Florida residents: Property Insurance Rates Going Up for Many Fla. Homeowners.

The Allegiant Private Advisors team has prepared a few tips for how to handle a premium increase.

  • Reach out to your agent to shop the policy with other carriers. There is no guarantee they will find a better solution but it is still worth exploring your options. Some homeowners in high-risk areas are better off keeping their current carrier as other carriers may not be writing new policies.
  • Review your coverages to see if you can reduce any benefits. Some examples of this are your "Loss of Use" and "Personal Property" coverage. You'll want to assess your personal situation to see if reducing coverage could work for you.
  • Review your plan deductibles. Increasing your deductibles can make a sizable difference in your premium. However, raising your deductible means you need to plan for higher out of pocket expenses. Your agent can run quotes showing the differences in premium to help you make the best decision.

As always, the Allegiant Wealth Advisor team is ready and willing to help you through this process. Reach out to your Wealth Advisor and we will be happy to review your particular situation.

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