TYLER, Texas (KETK) — “You’re not just seeing an increase in insurance rates, you’re seeing it when you go to the grocery store,” said Ark Assurance Group Insurance agent, Judson Hinsley.
From the cost of materials to build your home to the policy you choose. Price hikes have been affecting homes and now insurance rates are going up dramatically due to the lack of supply. Those who have paid the same amount on their insurance for years are questioning their new soaring rates.
“Really it is from company to company and what they are seeing, I would say average, we are looking at a 15% increase on homes alone. Some companies, we’ve heard up to 23% and there are some as low as 10%, which would be nice if everyone could get 10% only or nice enough if everyone had zero,” said Personal and Commercial Line Producer at Ark Assurance Group, Austin Sudduth.
Texas is among the most expensive states for home insurance in part due to the risks of severe weather. Not just home insurance but your vehicle may be affected too.
“Texas state minimal isn’t going to cover what is out on the road. A higher percentage of vehicles are out on the road these days. If you rear-end someone and you need a new bumper, the cost for that has changed drastically due to the sensors and all computer sensors that go into the cars now,” said Hinsley. “Monitored systems for your house and all the way to a fire extinguisher in your house and in the kitchen, many companies will give a discount for having that,” said Sudduth.
The best advice is to review your coverage and talk to your agent to see where you can save money.
Make sure to not throw any mail away that comes from your insurance carrier, as important notification about any renewal or rate increase may be sent your way.