Homeowner Insurance Trends for 2012

February 22, 2012 at 9:54 AM | Posted in Home, Insurance Policy, Personal Insurance | Leave a comment
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Since the Ice Storm of December 2008, we have experienced hurricanes, tornadoes, flooding, and hail. Even though some areas were hit harder than others, many people were affected by each storm and insurance companies paid out millions of dollars in claims. As a result, the following are some of the changes we can expect to see in homeowners insurance beginning this year:

  • Increased Minimum Deductibles. A homeowner policy is meant to cover you in the event of a catastrophic loss. It is not designed to respond to the losses you may incur that could be considered maintenance or seasonal (such as tree limbs falling, but not damaging a structure, due to the weight of ice and snow ). In the near future you will see standard home deductibles for new and renewal policies at a minimum of $500 or $1,000 to reduce the frequency of small claims being filed. Even though the deductibles are increasing, the rates are typically lower when a deductible higher than $500 is applied to the policy.
  • Homeowner Rates. Homeowner insurance rates have been increasing over the last couple of years, and are expected to continue for the next few years. However, most insurance companies are also increasing discounts such as the account credit (combining both your home and auto insurance together) to offset some of the increases.

If you have any questions or concerns about your homeowner policy, call your Client Service Representative at 1-888-850-9400. We are here to help you get the most out of your insurance.

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