Stay Ahead of Rising Insurance Rates with These Home Protection Strategies


As Home and Auto Insurance rates rise across the insurance industry, customers face the triple threat of higher premiums, higher claims costs, and, worst of all, a higher chance of being underinsured.


Here are some of the reasons why rates continue to rise:
        - Building costs up 32%
        - Delays in materials, like windows
        - Longer temporary housing time
        - 40% increase in used car prices
        - Repairs taking 2x longer
        - 30% increase in rental car costs
(Source:  Hanover Insurance, Spring 2024)

To keep insurance accessible to individuals and families, our approach to home insurance must evolve from a maintenance policy to a shared contract that helps you, as customers, actively protect your property in partnership with and support from your insurance company. Here are some things you can do to reduce your risk of a loss.

  1. Take proactive steps to protect and maintain your property. Focus on roof maintenance — the home’s first line of defense against the weather — as well as trimming trees close to the home, clearing gutters to avoid ice dams, and any general maintenance that the outside of your home needs.

  2. Install risk mitigation devices, such as automatic water shut-off devices, water sensors, electrical monitoring, temperature monitoring, and whole house generators, as well as various alarm system options and smart home detectors. There is a lot of new technology available to help you protect your home.

  3. Consider some coverage adjustments. Ensure your home is insured to value. Consider higher deductibles to help lower overall rates but result in higher out-of-pocket payment if there is a loss.
 
Risk Mitigation devices are an affordable way to monitor your home and guard against large losses. Discounts on these products are available through Hanover Insurance Group's Partners In Protection site. These discounts are available to clients with other insurance carriers as well.  
 
You are not limited to these options as there are many options available to you via Amazon or other retailers.  
 
If you choose to install one or more of these systems, please let us know. You may be eligible for discounts on your home insurance premium.  
 
We are here for any questions you may have. 

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