This crazy weather has meant lots of problems for homeowners in our area, as claims have significantly increased across MA and much of theUS. So why is that important? It’s causing rate increases to be filed by most of the insurance carriers in our state as they’ve paid many large losses.
Boston Globe journalist Todd Wallack wrote about the 2011 storms triggering home insurance rate hikes in last Sunday’s paper. He cited rate increases from several carriers across the state. Most carriers are increasing rates from 5% to 10%, though some (such as Holyoke Mutual) have filed for a 20.3% increase, according to Wallack.
At Mason & Mason, we are seeing insurers trying to impose rate increases as well, but we’re looking at this as a perfect opportunity to examine your coverage and make changes if necessary. It has always been our standard practice to review coverage with our clients who have rate increases of 10% or more. We offset this by looking for additional discounts and also at other carriers. For instance, many of our insureds have been carrying a homeowner’s deductible of $250 for years. As a means to cut premium costs we have offered options to increase that deductible to $500 or $1000 for a credit to the premium. In addition, bundling your personal insurance has upside benefits. A of our carriers offer discounts for buying both home and auto coverage from them
It’s important to let us know of any recent home improvements that you’ve made as this can result in lower pricing for you. Installing an alarm system or replacing your roof, for example, can allow us to place coverage with better rates.
According the State Division of Insurance, the average annual premium on a traditional homeowner’s insurance policy is just under $1100. As carriers increase rates, we at Mason & Mason are committed to helping you find the best combination of coverage and cost for protecting your home. Feel free to call us any time with questions or concerns. We’re here for you.