Home insurance premiums and taxes have overtaken mortgage costs in some parts of the country, which has left many homeowners scrambling to save money wherever possible without compromising protection.
As of September 2024, 32% of the average escrowed mortgage payment in the U.S. went toward insurance and property taxes, which marks the highest rate recorded in a decade. Homeowners in metro areas have been hit particularly hard by these increases, with around a quarter of home borrowers in areas of New York, Louisiana and Florida reportedly paying more than 50% of their mortgage escrow payment to insurance and taxes.
Home repair and maintenance costs have grown 61% over the last decade, as well, which has led many owners to push off routine maintenance, especially in older homes. While this may keep the owner from having to shell out a large sum of money upfront for repairs, ignoring basic home maintenance can leave a house vulnerable to future, preventable losses that can be even more expensive for homeowners.
There are measures homeowners can take, however, to both reduce their risk of future home insurance claims and their insurance premiums as the weather begins to cool. In the slideshow above, we’ll look at seven home maintenance considerations to take this fall that may help lower home insurance rates, courtesy of Independent Insurance Associates.
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