Ways to Save in 2024: Home, Auto, and Umbrella Insurance

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Ways to Save in 2024: Home, Auto, and Umbrella Insurance

Many people are noticing increased costs on their insurance bills, even if they don’t have previous claims causing the rise. If you’re wondering why this is happening and what you can do about it, look no further! Staples & Associates has ways to save on home and auto insurance in 2024.

Why Are Insurance Costs Going Up? 

Many factors go into the increase in insurance costs, including inflation, a rise in claims, increased costs for products such as building materials and auto parts, and climate change causing more severe and unpredictable weather events.

Factors Increasing Auto Insurance

  • An overall increase in claims in your area, more weather-related claims, and a higher number of accidents reported overall, which in turn causes more claims with a higher payout.
  • An increase in the value of used and new vehicles, and the price of parts to repair vehicles.
  • Shortages in vehicle parts and labor for repairs, as well as the increased time a person uses a rental car because of the extended time to fix a vehicle. 
  • More drivers on the road causing a risk increase, as well as more distracted drivers on phones.

Factors Increasing Home Insurance

  • Rise in weather-related claims.
  • Increased material costs to rebuild or repair homes in the event of a loss.
  • Labor shortages.
  • Age of your roof, as well as tree overgrowth above the home.

How Can I Save on Auto and Home Insurance?

Reviewing your policies annually with a Staples & Associates agent is the best way to ensure you are receiving all appropriate discounts. Check out a few best practices and agent advice!

  • Raising your deductible is an option for up-front savings on home and auto insurance. 
  • Bundling your home and auto policies often brings one of the highest discounts available. 
  • Opt for paperless billing. 
  • Being claim-free for 3-5 years may also afford you a discount in certain situations.

Auto Policies Savings Tips

Your agent can assess whether your carrier offers any of the following discounts:

  • Telematics: Some carriers offer driving programs that will assess your driving habits over a period of time and generate a score that can be used to discount certain features on your policy.
  • Good Student Discount: Many carriers offer a Good Student Discount or a variation that applies a discount for students with good grades (proof required).
  • EFT or Pay-In-Full Discounts: Some policies allow Electronic Funds Transfer (EFT) or pay-in-full, which offer a discount. 

Home Policies Savings Tips

  • Security Devices Discounts: Some carriers offer discounts for having protective devices such as smoke detectors, fire alarms, home security systems, and many more. Meet with your Staples & Associates agent to assess this option. 
  • Roof or HVAC system upgrades within the past 10 years may help you qualify for a discount. 

Contact your Staples & Associates agent to schedule an annual review of your policies and find savings opportunities!

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