Are you worried about the increase in extreme weather and how that might affect your homeowners insurance rates? According to the EPA, the temperature in Washington state has risen between 1 and 2 degrees over the last 100 years. That can increase the levels of seawater, the frequency of droughts, and the risk of large wildfires. It can also lead to an increase in severe storms, like bomb cyclones, and all of that could result in higher homeowners insurance premiums in Washington State.
What’s Causing the Dramatic Increase in Homeowners Insurance Rates?
According to an article in the Washington State Standard, several things are contributing to higher insurance premiums. Number one on that list is the severe losses that insurance companies now face. Inflation does play a role in how much it costs to rebuild or repair a home after it’s been damaged by severe weather, but it’s not the only issue. The other problem is how many homes are damaged during severe weather events.
For example, Hurricane Helene caused an estimated 78.7 billion dollars in damage, according to USA Today. That makes it the seventh most expensive storm on record, and these types of severe weather events are becoming more frequent.
Washington State is at risk for many different types of severe weather, including wildfires, earthquakes and severe storms, and all of these types of severe weather have the ability to cause substantial property damage.
Much Is the Average Homeowners Insurance Claim?
According to Experian, the average homeowners insurance claim was $13,955 in 2022. However, if the home was damaged by fire or lightening, the average claim rose to more than $77,000. Now, imagine a huge storm tearing through the area and causing almost $80,000 worth of damage to several hundred homes. The latter is the problem that the insurance industry is currently facing with the increase in severe weather.
What Can Homeowners Do to Lower Their Home Insurance Rates?
If you’re worried about rising insurance costs, there are things you can do. Homeowners can make their homes more resilient against extreme weather. They can improve the drainage to help prevent floods, landscape to reduce fire risk and shop around for better home insurance rates.
Harden Your Home Against Extreme Weather
Consider making some home-hardening upgrades. If you’re worried about rising premiums due to severe weather, there are things you can do to help reduce the cost of your insurance while increasing the resilience of your home. If you live near the water, consider adding storm shutters and reinforcing your roofing with hurricane brackets. If your home is at risk for fires, consider installing a sprinkler system.
Make Sure Your Property Drains Well
Have you ever looked at the way your property is graded or thought about how well it drains? Good draining soil is able to dissipate between 1 and 3 inches of water per hour. If you’ve noticed water puddling in your yard or flowing toward the foundation of your home, you’ll want to improve your yard drainage. Making sure water flows away from your house helps to prevent foundation damage, and having a well-draining yard helps prevent standing water and soil erosion. Lastly, a good drainage system can help prevent stormwater from causing a flood on your property.
Landscape to Reduce Fire Risk
If you live in an area that has a high risk of forest or wildfires, consider landscaping your property to reduce your fire risk. This is known as firescaping. Remove flammable plants from around your home for at least five feet. When creating walkways and barriers, use brick, concrete and masonry, instead of wood or woodchips. Make sure all trees are trimmed well above your home’s roofline, and that no branches come within 10 feet of your chimney. When planting within 5 to 30 feet of your home, make sure to choose fire-resistant plants and vegetables. For areas 30 feet or more away, work on removing dense vegetation that could add fuel to any wildfires.
Increase Your Deductible
Consider taking on more responsibility when it comes to repairing or replacing your home. Raising your home insurance deductible tells your insurance company that you can assume more of the risk for repairing or rebuilding your home after a covered event, which means your insurance premiums will be lower.
Shop Around for Better Washington Home Insurance Rates
If you’re still having difficulty finding affordable home insurance rates, consider shopping around. Different insurance carriers weigh certain factors differently in order to determine whether or not a potential policyholder will be low, medium or high risk. Therefore, if you received several quotes from a multitude of insurance carriers, you could end up with wildly different rates for the same amount of coverage.
Getting Affordable Home Insurance from Boyd Insurance Brokerage Inc.
If you’d like to shop around with one carrier, consider Boyd Insurance Brokerage Inc. We have the ability to research home insurance policies from many different insurance carriers, including Liberty Mutual, Travelers, Progressive and Nationwide. By being able to look at the policies of multiple insurance carriers, we’re able to find the policies you need that will fit your budget.
If you’re ready to get a quote for home insurance in Washington State, give us a call at 509-340-2693.
