SAN ANTONIO – Vehicle and home insurance customers can expect to see higher premiums as the costs of many materials go up.
Rich Johnson with the Insurance Council of Texas said the costs to repair homes have gone up and the upgraded technology on vehicles is increasing. Inflation, supply chain issues and the cost of metal are also contributing to the rising prices.
“Even the lightbulb is not a lightbulb anymore. They move and turn. They can be thousands of dollars,” Johnson said.
Several factors were already anticipated before the pandemic, and others resulting from the pandemic are also to blame, he said.
But savings can be a phone call away. Johnson recommends you shop around and find insurance companies that bundle home or renters and car insurance for savings.
“The key is to shop. Go ahead and call those companies, check online, and you’ll most likely save a few bucks by changing companies,” he said.
Also, update your mileage information with the company, take a self-defensive driving course or consider downloading apps that track your driving behavior and can lower your rates if you’re a safe driver. Those with older vehicles can probably get by with minimal coverage, Johnson said.
When it comes to home insurance, make sure you’re not underinsured.
“We’ve seen the severe weather come through. It’s just going to get started,” Johnson said. “This is hail season, then we move to hurricane and flood season, so this is a good time to check your policy.”
He suggests your take photos of the inside or your home and email those photos to yourself in case there’s damage. The insurance companies can use those photos to make a cost evaluation.
Johnson offered the following link to help customers evaluate their insurance costs.
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