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The biggest reason for this trend is homeowners insurance is now more expensive than ever.
According to a 2023 report fromPolicyGenius, rates increased by roughly 21% between May 2022 and May 2023.
Here are several reasons its important tokeep your homeowners insurance despite the increasing costs.
Additionally, homeowners insurance doesnt just protect a home itself.
It also protects the belongings inside the home.
This ensures reimbursement for losses due to covered events, offering crucial financial support.
Fortunately, people can reduce the cost of their homeowners insurance in several ways.
The first is to compare rates with several companies, Sheets said.
Certain renovations, like installinghurricane shutters orhome security systems, can qualify policyholders for discounted rates.
Finding the lowest price was only the deciding factor for 15% of those shopping for homeowners insurance.
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