HomeHome InsuranceOmaha experts share tips to save money on renewing homeowners insurance

Omaha experts share tips to save money on renewing homeowners insurance

OMAHA, Neb. (WOWT) – Aaron Moore has five mouths to feed. Four of them are his fourteen-year-old quadruplets: Joseph, Grace, Jack, and Noah.

“In the times that are going on, you have all these things that need your money,” Moore said.

He shops at discount grocers like Aldi and does no-spending months with his kids. Being smart with money is a lesson they’ve picked up on too.

“I think it’s just good to have a little extra money for things that you either need or just pop up,” Joseph said. “You never know what’s going to happen.”

Homeowner’s insurance is meant to cover exactly that — the unknown. It gives people peace of mind.

That’s until the stress of renewing a policy when given less-than-desirable new rates. According to the Nebraska Department of Insurance, home insurance costs increased nearly 11% nationally between 2021 and 2022.

When it was time to renew Moore’s homeowners insurance, he was shocked. The new rates would cost him $2,000 extra a year.

“I knew that was going to cut from someplace else.”

The NDOI says the price hikes are caused by natural disasters, home costs, and inflation of labor and materials.

The cost of homeowners insurance is shared. Even if you have never made a claim before you could see price increases.

Insurance agent Jared Ohl with Dodge Partners Insurance recommends shopping around with a local agent before renewing. However, he says to look at the fine print if you do decide to make changes.

“Although you might get a better rate, you might be missing a lot of the coverages that are definitely needed especially here in the Midwest where we’re a wind and hail state,” said Ohl.

Aaron Moore did shop around with a local agent downtown and it saved him a couple thousand.

“To have $2,000 extra in your pocket, it means it allowed me to send my daughter to show choir camp this summer,” said Moore.

That’s something his daughter Grace doesn’t take for granted.

“I feel very supported in what I do,” she said.

Ohl further explained why homeowners might be seeing increased rates this year.

“The cost of those claims has increased,” he said. “Inflation has impacted everything, and one of the big ways it’s impacted insurance is the cost to fix.”

Ohl advised there may be room to bundle insurance or adjust deductibles to lower premiums.

He did admit that this year fewer companies are offering standout differences in rates.

“Whereas in years past there might have been one or two carriers that had a better option, we’re not seeing that this year,” he said.

But simply talking with an agent could go a long way, he said.

After Moore successfully adjusted his rates with an agent, he agreed.

“Just looking around and finding something new can lead to $2,000 extra for next year,” said Moore.

Ohl also suggested making sure homeowners keep track of any updates to their homes and share that with their insurance agent. That could help reduce your rates.

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