HomeHome InsuranceCorpus Christi homeowners could see a higher home insurance rate

Corpus Christi homeowners could see a higher home insurance rate

Much of that has to do with inflation – specifically, the cost of rebuilding your home should it be destroyed.

CORPUS CHRISTI, Texas — If you are a homeowner, you may be feeling the sting of inflation when it comes to paying your insurance premiums — particularly here in Texas.

Homeowners Insurance rates were up 16 percent as we began the year, with people in only three states paying more – Colorado, Washington and Arkansas. It has many asking what they can do to bring that number down.

In Texas last year, homeowners paid an average of $237 more for insurance coverage, according to the website PolicyGenius, which tracks trends in the insurance industry.

Much of that has to do with inflation – specifically, the cost of rebuilding your home if it were destroyed.

“The replacement cost indicators are up and what that means is, the actual cost to rebuild a home or repair a home,” said Farmers Insurance Agent Stephanie Waterman. “Due to the increased cost of construction — that’s labor and materials — they are up and because of that, the cost of insurance has gone up.”

Waterman said it is important to make sure that your agent has accurate information about your home, so that you will have correct coverage for what you have.

“Is it the correct square footage on the policy? Are the countertops formica or granite? Is it a luxury bathroom, is it an economical bathroom, is it a standard bathroom?” she said.

Waterman also said there are ways to try to lower your premium. 

First, ask about discounts. That can include having two or more policies with the same insurer or getting senior citizen and loyalty discounts. There may even be a discount available that is tied to your occupation.

Second, talk to your insurance agent about increasing your deductible. If your rates have gone up, then choosing a higher deductible can help get rates back down to what is affordable for you.

And finally, don’t be afraid to re-shop your insurance policy. Make sure you aren’t missing out on better coverage or better rates with a different company. It won’t cost you anything to do, and the time it takes could lead to some surprising results.

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