Scientists expect more disasters like Ian, Harvey’s, Sandy and  Irma’s and who knows what in the future of our world. This could result in more large insurance claims, as well as higher insurance costs for everyone. Climate change’s potential impact hasn’t really struck the market yet, the magnitude of these recent hurricanes and whatnot might be a sign of things to come.

Climate change is always a hot topic of conversation in the insurance industry because it could result in changes down the road.  As insurance companies pay claims and take losses they consider long term the impact that the disaster has on their business. Insurance companies place a high priority on data, modeling, trending an forecasting. As they monitory closely what mother nature is doing. If they sea level increased even a few inches they want to know about it, so that they can plan and forecast how something that small could potentially make a big impacts. This small impact could potentially lead to increase risk which in turn would lead to increased cost to the insured. All climate variables must be taken seriously, monitored closely as these can play a major role in future claims.

So what should you do if your premiums increase and you did not submit a claim or experience a loss due to a natural disaster? Below are just a few items we suggest that can make an impact on your pocket book and insurance premium.

  1. Read the fine print when renewing.

Particularly if you live in a recently natural disaster impacted area. Instead of raising the cost, insure companies have been known to quietly amend the conditions, shifting more risk to the policy holder. They apparently assume you won’t take the time to review in detail your policy and therefore wont notice.

  1. Shop your policy.

Because different insurers assess risks in different ways, another company’s formula may result in a lower rate. Furthermore, some businesses offer new clients appealing rates, while existing customers see their rates rise. Once again, they’re banking on you not shopping around.  Just make certain that you’re comparing the same coverage and replacement value. You may not like paying more for insurance, but you will be even less pleased if you lose your home and are unable to repair it. Saving money at the expense of your coverage is not always recommended. For rate comparisons, contact your state insurance department or an independent agent that sells coverage and ask them to obtain quotes from numerous companies, so that you can review them an compare them.

  1. Inquire with your current agent about any discounts.

Many providers will give you a discount if you take particular precautions to protect your house, which you should do anyhow. Installing hurricane shutters or fire-resistant roofs, for example, or a number of insurance companies will offer you a discount if you download their app. Discounts are out there if you know where to look.