With home and auto insurance prices continuing to increase, many are asking what can be done to lower costs, or at least control the increases. While companies continue to increase rates to match escalating loss costs, there are options available to you.

First, take a look at the discounts offered by your company. Are you taking advantage of discounts for smart homes, discounts gained for using a Usage Based Insurance program - rates based on your driving style, not your neighbors -, discounts for updating your home utilities including roofing surfaces, do your kids qualify for good student discounts, are you driving less miles than before? Are you carrying coverage you no longer need? This can be older cars with full coverage, deductibles too low, musical instruments no longer owned, jewelry schedules out of date, drivers no longer in your household, etc.

If you have not reviewed your insurance recently, take this time to reach out to your agent and review your policies to make sure you have the best value for your needs. It is not as easy to change companies as it normally is, but you may be surprised at the savings you and your agent can find with a comprehensive review of your insurance program. If your agent represents multiple companies (a huge advantage, especially in this tight market) they may have another company that would work better for you.

Tip - If your auto insurance company offers a Usage Based Insurance program, take a serious look at this program. It can be a great way to lower your rates significantly with little fuss. Usage base insurance is simply a program where the insurance company receives a report on your driving habits through the use of a mobile app or in car device. Most do not track location or speed. These programs generally require minimal effort on your part. The information is usually gathered for a limited time, while the discount stays with the car for as long as you own it. Depending on the make of your car, you might qualify for an immediate discount. Drivers using Onstar, UConnect, and other in vehicle programs may qualify for an immediate discount with no monitoring needed.

Unfortunately, loss costs continue to increase and I do not see much moderating of rates until the second half of 2024 at the earliest, but more likely not until 2025. Your best action now is reduce unnecessary costs and work with your agent to make sure your policy is up to date and providing the best value for you. If your agent is stuck with one company, it is a perfect time to seek out agents that can offer you choices.

Have questions? We are always here to help. Give us a call at 605-336-6303 if you want an honest, no obligation review and quote comparison for your personal or business insurance needs. As a Trusted Choice Independent Agent, we offer multiple companies for your needs.

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