27 May 2022

4 tips to save money on auto and homeowners insurance as inflation skyrockets in Tampa Bay

Posted By Darrigo & Diaz

Tampa Bay is currently experiencing the highest rate of inflation in the country. According to the U.S. Bureau of Labor Statistics, inflation in the Tampa-St. Petersburg-Clearwater area was 10.2% in March 2022, compared to a national rate of 8.5%.

As prices keep rising, Tampa Bay residents are paying more for gas, groceries, and now, auto and homeowners insurance. Industry and media reports expect insurance companies to increase auto insurance premiums by 10% in 2022. Homeowners insurance premiums are predicted to increase by 7-8% this year—the highest price jump in nearly 40 years.

Understanding what’s causing auto and homeowners insurance prices to increase may help you find ways to save. Here are the reasons rates are increasing and four tips to help you keep your costs as low as possible.

Why is Tampa Bay experiencing higher inflation than the rest of the country?

Economists attribute Tampa’s high inflation rates to several reasons: there’s more economic activity right now in Tampa Bay than in other places; tourism is at an all-time high; and a record number of people are moving to Tampa Bay. Collectively, these factors are putting price pressures on every facet of Tampa’s economy.

Why are auto and homeowners insurance rates increasing in Tampa Bay?

Rising inflation coupled with supply chain issues and a labor shortage mean it’s going to cost more to fix your car if you’re in an accident. This is directly affecting auto insurance premiums.

Homeowners renewing or purchasing insurance policies are discovering that rising material costs, supply chain disruptions, higher property prices, and climate changes (i.e. more tropical storms) are combining to drive up premiums across Tampa Bay.

How to save money on your auto and homeowners insurance premiums

As auto and homeowners insurance premiums go up in Tampa Bay, here are four tips to help you save money and lower your bill.  

1. Bundle your insurance policies

One of the easiest ways to save money on insurance is to combine your home and auto insurance policies, which means you buy multiple insurance policies from the same company.

Bundling your home and auto insurance comes with benefits that can include:

  • More savings – A multipolicy discount could save you as much as 25%, depending on the company and where you live.
  • Easier policy management – You should have less of a hassle managing multiple policies when they come from the same company.
  • Greater insurance security – If you’ve made auto or homeowners insurance claims, having other policies with the same company can lower the chances your insurer will drop you.

2. Reduce your mileage

Insurance companies take into account your annual mileage when they calculate your premium. Therefore, reducing your annual milage by carpooling to work, riding your bike locally, using public transportation, or opting to work from home on select days could lower your auto insurance premiums by as much as 30%.

3. Account for home improvements

If you’ve improved your home, you may be eligible for a discount on your homeowners insurance. Adding features such as storm shutters and impact-resistant roofing—which make your house tougher to damage—could result in insurance savings. You might also earn a discount by upgrading outdated plumbing and electrical systems.

4. Ask about lesser-known discounts

Unless you check, you may never know what other savings you might be eligible for with your current auto and homeowners insurance policies. Some insurers offer additional auto and homeowners insurance discounts if you:

  • ● Have no accidents or traffic violations in the past three to five years
  • ● Take defensive driving or safe driving courses
  • ● Pay auto and/or homeowners insurance premiums in full upfront
  • ● Enroll in automatic payments for your auto and/or homeowners insurance premiums
  • ● Install anti-theft devices in your vehicle and home
  • ● Work in a specific career, such as teaching or firefighting (mostly applicable to homeowners insurance premiums only).

The best way to know if you qualify for additional discounts is to contact your insurance company.

Do not reduce insurance coverage to save money

Currently, traffic deaths are at a 16-year high according to the National Highway Traffic Safety Administration (NHTSA). Tampa roadways are much more dangerous today than in previous years.  An increase in dangerous driving habits, such as distracted driving and speeding, a decrease in routine vehicle maintenance (likely attributed to rising costs), and a return to pre-pandemic traffic levels are all contributing to the surge in fatal traffic accidents.

As auto accidents continue to increase across Tampa Bay, drivers should not reduce auto insurance coverage to save money. In the unfortunate event you are involved or injured in an auto accident, if you have minimal coverage, it could cost you significantly more in the long run.

Learn more about why we strongly recommend adding uninsured motorist coverage to your car insurance policy here.

The same holds true for homeowners insurance. Reducing coverage now, could cost you thousands of dollars more if you have to make a claim.

Injured in an auto accident in Tampa Bay?

Call Darrigo & Diaz immediately at (813) 437-5523

If you are involved and/or injured in a car accident in Tampa Bay, the best thing you can do is call our office and speak with one of our car accident attorneys. Free of charge, we will set-up an in-person or over-the-phone consultation to help you understand your rights and what your next steps should be. 

The Tampa Bay car accident attorneys at Darrigo & Diaz have over 20 years of experience helping hundreds of injury victims and their families recover from serious accidents. We’re experienced. We’re local. We’re on your side.

We offer free consultations and you do not have to pay anything, unless we win your case.

Call (813) 437-5523 now to schedule your complimentary meeting with our experienced Tampa Bay car accident attorneys.

Do you have a denied, disputed or unpaid property damage claim in Tampa Bay? 

Our experienced property damage lawyers can help you. At Darrigo & Diaz, we are passionate about protecting the rights of faithful policyholders whose insurance claims have been denied, disputed or delayed.

Don’t get left having to pay for something that should be taken care of by your insurance company. Contact Darrigo & Diaz, Tampa’s Home Team, today for a free consultation. Call (813) 437-5523 to get started.

Categories: Insurance Tips
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