6 Strategies to Save on Home Insurance Premiums From wildfires to floods, the past few years have brought a historic number of devastating climate and weather events to the United States. In 2023 alone, there were 28 individual weather-related disasters that caused at least $1 billion in damages each. 1 These events triggered a huge influx of home insurance claims, and analysts expect the increase in both catastrophes and claims to continue. Adding to the problem, construction labor and supply costs have risen, making it more expensive to repair affected homes. Consequently, home insurance rates have surged: In 2024, Bankrate reports, premiums are already up an average of 23%, following double-digit increases the previous year. 2,3 In disaster-prone regions, the situation is even more challenging. Some insurers have pulled out of risky areas entirely, and many of those that still offer policies in high-risk areas have doubled or even tripled their premiums. 4 For most homeowner...