Today's Article

"Your home is one of your largest 4assets, and in the insurance industry it's wise and 5prudent to protect that asset." 

But the price of that protection is becoming more expensive. Home insurance broker Travis Hodges says he's seeing an average increase of 27% year over year, and in some cases, the cost of insuring your home can go even higher. 

"We've heard as much as 40." 

So what's 6causing the price 7hike? Hodges says there are a few reasons. 

One, changing weather patterns and events such as tornadoes and 8wildfires. Two, the cost of materials has gone up, so it costs more to fix any damage. Three, 9property values have risen. Let's look at those numbers for a moment. In January, the 10median home sale price was $379,100 according to the 11National Association of Realtors. That's 5.1% higher than January of last year, and it's the 7th month 12in a rowhome prices have gone up. 

"Everything else has gone up. Insurance has just 13mirrored that and been 14proportionate." 

So what can you do to save money? If you're willing to increase your 15deductible by as much as $500, Hodges says you can save anywhere from 15% to 20% and shop around for different policies. 

"We actually do that 16proactively for our clients. Every time there's a 17renewal, we've let them know what other options are out there." 

And remember, 18flood insurance is a separate plan.