Inflation! How to Save on your Insurance Policies

Rachel Richardson – Reporter at WLEX 18

https://www.lex18.com/news/insurance-agent-explains-how-to-save-money-as-rates-rise-due-to-inflation

SCOTT COUNTY, Ky. (LEX18) — As costs continue going up and people are feeling the weight of inflation – in their pockets. One thing many people may not have considered is the rising cost of home and auto insurance.

Kris Castle, owner of Castle Insurance in Georgetown, has been an insurance provider for six years. She says she’s served hundreds of clients. As prices continue to rise insurance rates have been no exception.

Castle says, “What I think a lot of people don’t understand is that there are other factors at work as well. And inflation really does impact your insurance rates.”

One Castle Insurance client, Aaron Rajchel, says he and his family have felt the weight of inflation. He’s noticed an increase in property taxes.

“So if insurance goes up too that’s going to continue to push up our insurance price, continues to push up home prices, and then obviously affect things like our auto insurance as well,” says Rajchel.

Castle says the market has been soft over the past few years. Now, this insurance agent admits this is the biggest over-arching increase she’s seen.

“In a lot of homeowners insurance policies I’ve seen double-digit increases on premiums from last year, of course, the horrible weather that we’ve had, the last 12-18 months here in Kentucky. With the tornadoes, all the ice storms, the flooding — that has definitely affected insurance rates as well,” explains Castle.

Castle Insurance agency suggests looking over your policies as soon as possible. They say that many people don’t realize that you don’t have to be up for renewal before you make changes.

“Look at your auto insurance policy and your homeowner’s policy. Make sure you know what you have,” says Castle.

Castle explains some of the best ways to save money are, again, not waiting for your policy to renew, before you review it. Consider increasing your deductible — to save on your homeowners’ policy. Keeping your home and vehicle maintained — to avoid opening yourself up to unnecessary claims and checking your policy for added benefits.

Castle suggests, “Have a conversation with your local insurance agent, ask them questions and make sure that you’re protected properly. Make sure that you’re getting all the discounts that you deserve in your policy as well and have that consultation and make sure you have the education to make wise decisions about your insurance.”