Schaumburg, IL (March 13, 2024) – Rate Insurance LLC, one of the fastest-growing national insurance brokers, today released its proprietary homeowners insurance study which provides insights regarding the many changes that have occurred in the homeowners insurance market and offers strategic recommendations for customers to reduce their insurance costs in 2024.
As highlighted in the study, home insurance prices have increased 19% in 2023 and 55% since 2019. Rate Insurance expects the insurance market to improve slightly in 2024 but there still will be a persistent trend of homeowners premiums increasing, deductibles rising, insurance carrier restrictions, and the purchase of additional products, such as private flood insurance to protect against increased exposures to continue.
In a statement underscoring the significance of the study, Jeff Wingate, Executive Vice President and Head of Insurance at Guaranteed Rate said, “This study is top-notch, detailed, and is comprised of real data from our portfolio. I am thrilled to release this study and thank our team for the collaborative effort.”
Wingate further emphasized, “These real-time insights allow us to work with our clients proactively, as we have a comprehensive understanding of market trends and an array of strategies available to lower costs, reduce risk and ensure our clients have proper coverage.”
The analysis provides guidance for homeowners struggling to adapt to rapidly rising premiums. Specific recommendations include:
- Compare insurance rates
- Increase deductibles
- Bundle Home & Auto
- Ensure proper coverage limits
- Assess roof condition
- Reduce risk through smart technology
- Consider purchasing private flood insurance
- Proactively protect property
- Monitor credit rating
- Estimate insurance costs prior to purchasing a new home
With the ever-evolving landscape of the homeowners insurance market, informed decision-making and strategic adjustments can empower homeowners to navigate the complexities of rising costs and effectively safeguard their properties and financial well-being.
For additional insights and more information about Rate Insurance’s analysis, the study can be downloaded here.
About Rate Insurance
Rate Insurance is a national insurance brokerage licensed in all 50 states, that offers comprehensive personal, commercial, specialty, and life insurance products. Founded in 2008 and owned by Guaranteed Rate, the second-largest retail mortgage lender in the country, Rate Insurance has been recognized as a Top 50 Personal Lines Agency and a Top 100 Property & Casualty Agency in the U.S. Additionally, the company has been honored as the 2023 Agent for the Future, Outstanding Overall Agency Award winner.
Combining a growing team of insurance agents and a cutting-edge digital platform, Rate Insurance leverages its relationships with over 100 top-rated insurance carriers to provide customers with competitive rates and a personalized shopping experience. For more information, visit rate.com/insurance.