Why did my homeowners insurance go up this year in Huntersville, NC?
Homeowners insurance rates have increased across Huntersville and North Carolina mainly due to:
- Higher construction and rebuilding costs
- Increased storm and weather claims
- Inflation impacting materials and labor
- Rising home values in the Lake Norman area
Moheyer Insurance Advisors (as opposed to a Captive Agent) have the ability of offering policies from multiple insurance providers to ensure you receive a competitive policy without sacrificing coverage.
Is it normal for homeowners insurance to increase even if I didn’t file a claim?
Yes. Insurance rates are based on overall risk in your area, not just individual claims. Severe weather losses, rising repair costs, and regional claim activity can impact premiums for all homeowners. That’s why it’s important to engage Moheyer Insurance Advisors who can navigate the rate changes within the insurance marketplace.
What factors determine my homeowners insurance premium?
Key factors include:
- Cost to rebuild your home
- Home age and construction type
- Roof condition and age
- Claims history
- Location and weather exposure
- Coverage limits and deductible choice
- Available discounts and bundled policies
In the past 5 years, these key factors have changed so be sure your agent stays in touch on an annual basis, otherwise you could be overpaying. At Moheyer Insurance Advisors we make this promise to all our clients… We promise to proactively manage your insurance policy to ensure a competitive price without sacrificing coverage.
Why is my roof an issue now when it wasn’t before?
Roof age has become an influential factor for underwriting ever since the pandemic. Each insurance company has their own underwriting guidelines, but generally speaking… if your roof is between age 10 – 15, you’ll notice significant increases in your home insurance premiums. This is due to the propensity of insured’s filing claims for weather related issues. Also, if your roof is 16 years or older, it’s common for coverage to change from Replacement Cost to Actual Cash Value with minimal communication provided by the insurance provider.
Be sure to speak with your advisor at Moheyer Insurance because this new Underwriting factor (roof age) varies among insurance providers and varies with roof material.
What is a percentage wind/hail deductible and how much would I pay out of pocket in a storm?
A percentage wind/hail deductible is calculated based on your Dwelling Limit also known as Coverage-A limit. If your Dwelling Limit = $500,000 and your policy has a 2% wind/hail deductible, you would be responsible for a $10,000 deductible.
Moheyer Insurance Advisors will help you navigate the deductible options available in your area because it varies from insurance provider to insurance provider.
Does homeowners insurance cover storm, water, or roof damage?
Coverage depends on the cause of damage:
Typically covered:
- Wind and hail damage
- Fire
- Lightning
- Falling objects
- Sudden accidental water damage
Usually not covered without endorsements:
- Flood damage
- Sewer backup
- Gradual leaks or maintenance issues (important to discuss with your agent)
- Earthquake damage
Coverage details vary by policy, so please discuss these topics with your advisor before purchasing a policy.
How much homeowners insurance coverage do I really need?
You need enough coverage to rebuild your home, which can be different than the real estate market value. Rebuild costs include labor and materials, and can vary from $200/ sq ft. to $1,000/sq ft., depending on your home.
Moheyer Insurance Advisors will help calculate the accurate replacement cost coverage and will explain the built-in coverage their policies provide to protect against inflation.
How does filing a claim affect my insurance rate?
Claims can impact premiums, especially:
- Multiple claims in a short period (They call this frequency vs. severity in the underwriting dept.)
- Water damage claims
- Liability claims
- Weather-related claims in high-loss areas
Be sure to speak with our team of experts about your claim scenario, because paying smaller repairs out of pocket may help avoid future increases.
What can I do to lower my homeowners insurance premium?
Huntersville homeowners often reduce premiums by:
- Bundling home and auto insurance
- Increasing deductibles
- Updating roofs or home systems
- Installing security or fire protection devices
- Reviewing coverage regularly
- Comparing carrier options through Moheyer Insurance.
Our annual review will ensure you maximize the discounts available for your account profile.
What if my insurance company doesn’t renew my policy?
Non-renewals can occur due to claims, underwriting changes, or risk adjustments. Moheyer Insurance Advisors can help you find replacement coverage before your current policy expires.
Should I shop for homeowners insurance every year?
Reviewing coverage annually is wise, especially if:
- Your rate increased significantly
- Home improvements were made
- Property values changed
- Discounts expired
- You haven’t compared rates recently
A review doesn’t always mean switching carriers, but it ensures competitive pricing. If your agent isn’t automatically doing this for you now, Moheyer Insurance offers this promise to all of their clients.
How can a local Huntersville insurance agent help?
A local agent understands:
- The Lake Norman weather exposure
- Local rebuild costs
- Regional insurance providers (not National Brands)
- North Carolina insurance regulations
Working with Moheyer Insurance helps ensure proper coverage without overpaying.
Need a Home Insurance Review in Huntersville?
If your homeowners insurance increased, we’re happy to review your policy and compare options.
Contact our Huntersville office for a no-obligation insurance review.