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Rising Homeowners Insurance Cost

Concerned about the rising cost of homeowners insurance?

With the insurance cost rising yearly, it’s crucial to stay informed about your coverage and take steps to save on your premiums. Homeowners insurance is a necessity for anyone that owns a home. Keep reading to discover why your cost is rising and what you can do to ensure you aren’t paying more than you have to.

Most mortgage companies require homeowners insurance as a condition of your mortgage to protect their investment. Homeowners Insurance provides financial protection after a disaster, such as a fire, flood, or theft. Unfortunately, the cost of homeowner’s insurance is on the rise, and it’s no longer something that can be ignored. 

According to the Insurance Information Institute, the average homeowners insurance premium rose by 1.8 percent in 2019, following a 3.1 percent increase in 2018, according to a March 2022 study by the National Association of Insurance Commissioners, the latest data available.

At Rickard Insurance Agency, we understand that the rising cost of homeowner’s insurance can be a burden. That’s why we offer comprehensive coverage at competitive rates. As an independent insurance agency, we can provide you with a quote from some of the top insurance agencies in North Carolina and South Carolina. We also offer customers a range of discounts to help lower their homeowner’s insurance costs.

Here are some ways you can lower your homeowner’s insurance costs:

  • Age of home discount: Homes may qualify for a discount if it is new or has been updated and/or maintained.
  • Loyalty discount: Sticking with the same insurer over a long period may qualify you for a discount.
  • Claims-free discount: Having no claims on your policy for a certain period may qualify you for a discount.
  • Senior citizen discount: Some insurers offer discounts for seniors.
  • Increase Your Deductible: Increasing your deductible is one of the quickest and easiest ways to lower your insurance costs.
  • Shop Around for the Best Rates: Our agents can help compare coverage and rates from different companies.
  • Bundle Your Policies: If you have multiple policies with the same insurer, we can bundle them together to get a better rate.
  • Make certain that policy limits reflect the actual cost of rebuilding.
  • Take Advantage of Discounts: We use the AAA triple check to verify discounts you may qualify for.
  • Install Safety and Security Systems: Installing safety and security systems in your home can help lower your insurance costs.

What are examples of safety and security systems?

Examples of safety and security systems that can help lower your homeowner’s insurance costs include:

  • Smoke detectors
  • Carbon monoxide detectors
  • Security systems (alarm systems, video surveillance, etc.)
  • Fire extinguishers
  • Deadbolt locks

For most people, buying a house is the largest purchase made in their lifetime. You work hard to turn your house into a home. It’s where you and your family create memories and live your lives. At Rickard Insurance Agency, we strive to ensure you have total peace of mind knowing you’re covered.

Are you considering moving to South Carolina and wondering what the cost of homeowners insurance is? Homeowners’ insurance premiums in South Carolina are lower than the national average, making it an attractive option for homeowners looking to save money.

According to the South Carolina Department of Insurance, like auto insurance, the cost of homeowner’s coverage depends largely on where you live. Crime rates vary from community to community, as does access to your local fire department, police department, and water supply. These factors help determine the protection class.

The South Carolina Department of Insurance website states that along with the value of your house, the following factors determine the rates you pay for homeowner’s coverage:

  • Type of Construction: Frame houses usually cost more to insure than brick houses.
  • Age of House: New homes may qualify for discounts. Older homes may not qualify for preferred programs. Insurers may require older homes to have updated heating, plumbing, wiring, and roofing.
  • Local Fire Protection: Your home’s distance from a fire hydrant and the quality of your local fire department determine your fire protection class.
  • Amount of Coverage: The amount of coverage you buy for your house, contents, and personal liability will affect the price you pay.
  • Deductible Amount: Your choice of a higher deductible will reduce the price of homeowner’s insurance.
  • Discounts: Insurers offer lower prices for insuring your home and car with the same company and installing deadbolt locks or alarm systems.

Read more at the South Carolina Department of Insurance:

Start a New Homeowners Insurance Quote HERE!

Insurance Agency Owner, Eric Rickard in Fort Mill, SC

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