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Why Is Your Property Insurance So High? 10 Ways to Lower the Cost

Money Talks News Logo By Kathleen Coxwell of Money Talks News | Slide 1 of 12: Editor's Note: This story originally appeared on NewRetirement. Inflation comes in many guises. In some areas of the country, the cost of insurance, particularly property insurance, is rising dramatically faster than the currently high general inflation rate. One participant in the NewRetirement Facebook group recently reported: “Our homeowners insurance bill just came in and reflects a 22% increase over last year. That’s after a 15% increase last year over the previous year. Prior to that it was a reasonable 4% increase per year.” There are multiple reasons for increasing property insurance costs. Following is an explanation for the rapid rise and how you can lower your costs. It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter. Sponsored: Add $1.7 million to your retirement A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That’s an extra $1.7 million! Maybe that’s why the wealthy use investment pros and why you should too. How? With SmartAsset’s free  financial adviser matching tool. In five minutes you’ll have up to three qualified local pros, each legally required to act in your best interests. Most offer free first consultations. What have you got to lose? Click here to check it out right now.

Why Is Your Property Insurance So High? 10 Ways to Lower the Cost

Editor's Note: This story originally appeared on NewRetirement.

Inflation comes in many guises. In some areas of the country, the cost of insurance, particularly property insurance, is rising dramatically faster than the currently high general inflation rate.

One participant in the NewRetirement Facebook group recently reported: “Our homeowners insurance bill just came in and reflects a 22% increase over last year. That’s after a 15% increase last year over the previous year. Prior to that it was a reasonable 4% increase per year.”

There are multiple reasons for increasing property insurance costs. Following is an explanation for the rapid rise and how you can lower your costs.

It’s not the usual blah, blah, blah. Click here to sign up for our free newsletter.

Sponsored: Add $1.7 million to your retirement

A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That’s an extra $1.7 million!

Maybe that’s why the wealthy use investment pros and why you should too. How? With SmartAsset’s free financial adviser matching tool. In five minutes you’ll have up to three qualified local pros, each legally required to act in your best interests. Most offer free first consultations. What have you got to lose? Click here to check it out right now.

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