If you have shopped for home insurance lately, you may have had trouble getting approved if your roof is older or it may have caused your premium to be much higher than before. Several other factors are also driving the higher costs.
Joe Young of the Joe Young Agency in Mountain Home says the number of claims in recent years have gone up, especially in the southeastern part of the United States due to severe weather. That, combined with higher costs of building materials, means higher costs for insurance companies which are passed on to their customers.
Last week Young attended Arkansas I-Day presented by the Arkansas Insurance Department where they discussed rate increases, losses over the last several years and ways to mitigate those loses through legislation.
When it comes to roofs, Young explains why insurance companies are changing the way they handle their coverage.
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Young says homeowners need to talk to their insurance agent about two types of coverage available for their roof.
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The local insurance agent says there are roofing options available in other states, some even with grants from the states to help pay for them, which is not available yet in Arkansas.
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Young says there are ways to help lower the cost of your insurance.
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Young says State Insurance Commissioner Alan McClain told attendees at the meeting last week Arkansas has lost a number of insurance providers over the past few years.
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Young says another way to lower your insurance premium is to have higher deductibles.
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