{"id":144239,"date":"2025-03-19T19:08:38","date_gmt":"2025-03-19T19:08:38","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/insurance\/what-you-need-to-know-18\/"},"modified":"2025-03-19T19:08:38","modified_gmt":"2025-03-19T19:08:38","slug":"what-you-need-to-know-18","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=144239","title":{"rendered":"What You Need to Know"},"content":{"rendered":"


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\"Home\"Home<\/figure>\n<\/div>\n

Why Are Home Insurance Rates Going Up?<\/strong><\/h2>\n

If you\u2019ve noticed your home insurance premiums skyrocketing\u2014or worse, your policy being non-renewed\u2014you\u2019re not alone. The home insurance market is in a\u00a0hard market<\/strong>\u00a0cycle, meaning rates are increasing, and insurers are tightening their underwriting standards. Why? Several reasons:<\/p>\n

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  • Natural Disasters<\/strong>\u00a0\u2013 Wildfires, hurricanes, and floods are happening more frequently, leading to massive insurance payouts.<\/li>\n
  • Reinsurance Costs<\/strong>\u00a0\u2013 Insurance companies buy their own insurance (called reinsurance), and those costs have soared.<\/li>\n
  • Inflation and Construction Costs<\/strong>\u00a0\u2013 The price to rebuild homes has gone up, meaning insurance companies have to adjust coverage limits and premiums.<\/li>\n
  • Increased Claim Frequency and Severity<\/strong>\u00a0\u2013 More claims and higher repair costs mean insurers are paying out more than before.<\/li>\n<\/ul>\n

    What This Means for Homeowners<\/strong><\/h2>\n

    A hard market means\u00a0less flexibility<\/strong>\u00a0from insurance companies. Policies that were once easy to obtain may now require additional inspections, stricter underwriting, or higher deductibles. Some homeowners are even receiving non-renewal notices, forcing them to scramble for new coverage.<\/p>\n

    Steps to Take if You Get a Non-Renewal Notice<\/strong><\/h2>\n
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    1. Don\u2019t panic.<\/strong>\u00a0You still have options.<\/li>\n
    2. Call an independent insurance agent.<\/strong>\u00a0Unlike captive agents (who only sell one company\u2019s policies), independent agents can shop multiple insurers for the best fit.<\/li>\n
    3. Make your home more insurable.<\/strong>\u00a0Some insurers may require fire mitigation efforts, a newer roof, or upgraded electrical systems to continue coverage.<\/li>\n
    4. Consider increasing your deductible.<\/strong>\u00a0A higher deductible can make you a more attractive customer to insurers.<\/li>\n
    5. Look into state-run or high-risk pools.<\/strong>\u00a0These are last-resort options but can ensure you have some level of protection.<\/li>\n<\/ol>\n

      How to Get the Best Home Insurance Rate in a Hard Market<\/strong><\/h2>\n

      Even if you haven\u2019t received a non-renewal, now is the time to review your policy and look for savings. Here\u2019s what you can do:<\/p>\n

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      • Bundle Home and Auto<\/strong>\u00a0\u2013 Many companies offer discounts when you bundle multiple policies.<\/li>\n
      • Improve Your Home\u2019s Safety<\/strong>\u00a0\u2013 Installing security systems, upgrading your roof, and clearing brush can make you eligible for discounts.<\/li>\n
      • Ask About Discounts<\/strong>\u00a0\u2013 Many insurers offer credits for claims-free history, senior status, or smart home devices.<\/li>\n
      • Compare Quotes<\/strong>\u00a0\u2013 Rates vary widely between insurers. An independent agent can help you find the best value.<\/li>\n<\/ul>\n

        The Importance of Annual Reviews<\/strong><\/h2>\n

        Insurance is not a \u201cset it and forget it\u201d product\u2014especially in a hard market.\u00a0Annual reviews<\/strong>\u00a0with your agent ensure that you:<\/p>\n

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        • Have enough coverage to rebuild at today\u2019s costs.<\/li>\n
        • Aren\u2019t overpaying for unnecessary add-ons.<\/li>\n
        • Are taking advantage of every available discount.<\/li>\n<\/ul>\n

          The Bottom Line<\/strong><\/h2>\n

          The home insurance market is shifting, and homeowners need to be proactive to maintain coverage and keep costs in check. Whether you\u2019re facing a non-renewal or just want to ensure you\u2019re getting the best deal, working with an experienced\u00a0independent insurance agent<\/strong>\u00a0is the best way to navigate this hard market.<\/p>\n

          Need Help Finding the Right Home Insurance?<\/strong><\/h2>\n

          At Bancorp Insurance, we specialize in helping homeowners secure coverage\u2014even in a tough market. Contact us today for a complimentary policy review and see how we can help you protect what matters most.<\/p>\n

          Call us at (541) 536-1726 or schedule an appointment:\u00a0www.bancorpinsurance.com<\/a><\/strong><\/p>\n

          Bancorp\u2019s insurance agents are available to provide you with a free review and consultation.\u00a0\u00a0Contact Us \u2013 Bancorp Insurance Call 800-452-6826<\/a><\/p>\n<\/div>\n