Six reasons why your Homeowners premium could change

As the cost of home construction increases, your coverage amounts should increase, too. Horace Mann includes the automatic adjustment of limits endorsement on your Homeowners policy to help keep your coverages in line with these rising costs.

Please review your coverages when you receive your annual policy renewal to ensure the coverage amounts provided are adequate. If you have recently modified, updated or remodeled your residence, or if you believe your limits may be inadequate, notify your Horace Mann representative as soon as possible.

Keep reading to learn about other factors that can impact your home insurance premium.

Property insurance rates are determined by multiple factors. Sometimes the causes for increases are simple and can be easily anticipated based on common circumstances, while others may be unforeseen or are more complex.

The more your home costs to repair or replace, the more it costs to insure

  • Renovations – Upgrades to your home, especially extensive renovations like kitchens and bathrooms, can increase your home’s value but also cost more to repair and replace.
  • High-priced items – Adding jewelry or other expensive items to your policy may require an endorsement on your policy to make sure you have proper coverage.
  • Your claims history – Filing multiple claims may cause an increase in your premium, as your insurer may see them as an indication that you are at a greater risk for future claims.

Where you live is a major factor in how much you pay

  • Natural disasters – Home owners who live in areas prone to frequent extreme weather conditions, like tornadoes, earthquakes, floods and hurricanes are likely to see higher rates.
  • Rising construction costs and inflation – As building and material costs increase, so does the cost to replace a home, leading to higher rates to insure it.

There’s good news! You may be able to lower your cost.

  • Review your coverage – There are some coverages you may be required to have as a home owner; however, as your needs change, regularly review your policy to make sure it still works for you.
  • Choose a higher deductible to lower your premium – Increase your deductible, but keep in mind that while your monthly cost will be less, your out-of-pocket costs will increase if you file a claim. 
  • Look for discounts – Horace Mann offers multiline and educator discounts—check with your local representative to make sure you are receiving all the discounts available to you.
  • Purchase adequate coverage – Use the replacement cost of your home as a guide for your coverage amount. Some home owners find themselves under- or over-insuring their home (especially if they consider the land in their coverage estimate).
  • Complete regular preventative maintenance to avoid potential accidents – Check your plumbing for water leaking and damage regularly, and remove hazardous items or rundown structures on your property.

We are always happy to review your coverages and help determine appropriate coverage limits for your policy. If you have any questions or would like to make changes, please contact your Horace Mann representative, or call our Customer Care Center at 800-999-1030.

Horace Mann Insurance Company and its affiliates underwrite Horace Mann home insurance. Discounts and coverages are subject to terms and conditions and may vary by state.

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