Buying a home is one of the biggest purchases you will ever make. Homeowner’s insurance is the safety net that protects that investment.
Think of it as your financial shield. As NerdWallet explains, it covers repairs after disasters, protects your belongings from theft, and provides liability coverage if someone is injured on your property.
However, that peace of mind comes with a cost—and lately, those costs have been rising. Here is what you need to know.
If you are just starting your home buying journey and want to understand the full cost of ownership, Call Kim at 206-225-8325 for a free buyer consultation. We will break down everything from the mortgage to the insurance so you are fully prepared.
Why Are Premiums Going Up?
According to the Insurance Research Council, two main factors are driving prices higher:
-
More Claims: Severe weather events are happening more frequently.
-
Higher Costs: The price of labor and building materials has skyrocketed, making it more expensive for insurers to repair or rebuild homes.
The Good News: The Pace is Slowing
While costs are up, the rate of increase is finally starting to cool off. After jumping 14% annually in recent years, experts expect increases to slow to around 8% in 2026.
Even better? Mortgage rates are falling. This dip in rates can help offset the higher cost of insurance, keeping your overall monthly payment manageable. As experts note, it’s about layering the right solutions together to make homeownership work for your budget.
Costs Vary by Neighborhood
Insurance rates are not the same everywhere. The premium for a home in Tacoma or Puyallup might look different than one in Normandy Park or Bonney Lake due to local factors.
As Kim Morgan Storey, the Top #1 Real Estate Agent, I can help you estimate these costs early in the process so there are no surprises at the closing table.
Call Kim for a market analysis on any specific property you are eyeing. I can often help you spot features (like an older roof or specific location) that might impact your insurance rates before you make an offer.
5 Ways to Lower Your Premium
You don’t have to accept the first price you see. Here are five tips from Insurify and NerdWallet to get the best deal:
-
Shop Around: Compare quotes from multiple providers.
-
Bundle Policies: Combine home and auto for a discount.
-
Ask About Discounts: You might qualify for savings you didn’t know existed.
-
Highlight Upgrades: Features like a new roof or storm windows can lower your risk (and your bill).
-
Improve Your Credit: A stronger credit score often leads to better premiums.
If you are selling a home, knowing which upgrades lower insurance costs can be a huge selling point. Call Kim for a unique marketing plan for getting your home sold, where we highlight these value-adding features to potential buyers.
The Bottom Line
Don't let rising insurance costs catch you off guard. Plan ahead, shop smart, and protect your biggest investment.
Proudly serving: Tacoma, Puyallup, Auburn, Sumner, SeaTac, Des Moines, Burien, Normandy Park, Lake Tapps, and Bonney Lake.
Get expert advice on your next move.Call Kim today at 206-225-8325!
Serving the Greater Seattle Area: King, Pierce & Snohomish Counties
98402, 98403, 98404, 98405, 98406, 98407, 98408, 98409, 98422, 98444, 98445, 98465, 98466, 98371, 98372, 98373, 98374, 98375, 98390, 98188, 98148, 98158, 98168, 98198, 98146, 98166, 98391, 98092
