Does it seem like your insurance costs are always rising? Well, we some tips to help you get lower insurance rates! Farmers has an array of products and discounts, so that we can find the perfect insurance solutions for you. One of the easiest ways to ensure you are receiving the best rate is to combine all your policies under one company. Many carriers, including Farmers Insurance, offer multi-line discounts! Combining your Auto, Homeowners, and Life could result in savings you wouldn’t get otherwise. Additionally, using only one agent also makes sure that you have all the right coverages and discounts in place!
Auto Insurance Rates
Auto rate increases, or decreases, are based on several factors. Firstly, changes in things like your driving record and what all your policy covers are important. You can expect any tickets or accidents to negatively impact your rate. Also keep in mind that adding vehicles, additional coverages, or drivers, especially teens, will cause an increase in your rate. Additionally, the specific car you drive can influence your premium as the safety ratings change as they age.
However, these are not the only factors that can affect rate changes. An increase in distracted driving has lead to more accidents, and thus, more damages, injuries, and claims. The severity of distracted driving injuries paired with increased medical costs have driven up the expense of claims. Repair costs have also risen sharply as more advanced features and smart technology has been incorporated into vehicles. Keep in mind that your location likely factors into your insurance rates as well.
It’s important to remember than the premise of insurance is shared risk. As accidents and claims continue to rise overall, all drivers tend to feel it. Our agents can always help you understand your policy and make sure you’re getting the best rates possible! You can always schedule a Farmers Friendly Review to make sure you have all the coverage that you need.
Homeowners Insurance Rates
Homeowners insurance rates can also see increases depending on several factors. An increase in your Dwelling A coverage is most likely the cause. However, this isn’t necessarily a bad thing! When your policy is up for renewal insurers may factor in any inflation rates regarding labor and materials. Remember, your Dwelling A coverage represents the maximum amount your carrier will pay out if your home is a total-loss. If your home is completely destroyed you will need to hire a crew, buy new materials, demolish the remaining structure, and remove debris. Additionally, if your home was destroyed due to a natural disaster these costs can rise even more due to high demand.
You can also expect an increase in your rates if you’ve recently remodeled your home. The dwelling features and quality grade of your home are important to determining the replacement cost. The more you add, the more coverage you will want. Click here to learn more about home values and insurance rates!