Prepping for Cold Weather: What Your Home Insurance Agent Wants You to Know

The chill of winter is just around the corner, and your home must be fully prepared for the cold weather to set in. At The Ryan Insurance Agency, serving Clarkston, MI, we’re here to meet all your insurance needs and help you keep your home safe as the warm summer weather begins to give way to sleet and snow. 

Winterizing Your Home

Taking a few simple steps to prepare your home for winter can go a long way in keeping you and your family safe. 

Check Your Fireplace

Over the summer, birds and other animals may reside in your fireplace. It’s essential to have a fireplace inspection each year before you light the first fire of the winter. 

Bring the Outdoors Indoors

There’s no reason to leave your grill or outdoor furniture outside during winter. You’ll want to bring most of the contents of your patio indoors, if possible. If you don’t have the room you need to store your outdoor furniture, purchase covers to protect it from the elements. 

Take a Look at Your Roof

Before the first snow of the winter, you’ll want to look at your roof to make sure nothing needs repair. Clear any debris collected on the roof, install snow guards, and be sure you have a snow roof rake tucked away in your garage if you tend to get heavy snow in your area. 

Reach Out to The Ryan Insurance Agency, serving Clarkston, MI, Today.

At The Ryan Insurance Agency, serving Clarkston, MI, we’re here to meet all of your home insurance needs. Please stop by or call us today to discuss the right policy. 

Why home and auto insurance rates are continuing to rise in 2023

Thanks to an unusual convergence of market trends, ushered in by the pandemic and followed by other disruptive events, you may see a bigger change to the cost of your home and auto insurance than usual when it comes time to renew your policies this year. 
Insurance rates are based on what an insurer thinks it will cost to make you whole in the event of a loss – whether it’s roof damage during a windstorm or a vehicle totaled during a traffic accident. As you’ve likely noticed, pretty much everything costs more than it did even a few years ago.  

What’s driving higher home insurance costs 
If you’ve shopped at Home Depot or Lowe’s lately, you’ve certainly seen that the price tags on building materials have gotten pretty expensive. Last year, the cost of building materials rose 4.7%, reflecting a particularly strong uptick in prices on things like asphalt shingles (16.2%), concrete blocks (18.5%) and drywall (20.4%). 

To make matters worse, the home-building industry is facing a shortfall of more than 300,000 skilled laborers, which is driving up construction-related labor costs. Combined with the high cost of construction materials and historically low housing inventory, this has been making home claims much more expensive for insurance companies.  

What’s driving higher auto insurance costs 
Ongoing supply chain issues are driving a shortage of car parts and equipment, which were 22.3% more expensive at the end of 2022 than they were two years earlier. The overall cost of maintaining and repairing vehicles increased 18.4 % over the same timeframe – exacerbated by a growing shortage of car repair technicians. 

The same issues depleted the supply of new and used cars during the COVID-19 pandemic, and inventories have not yet recovered. As a result, the average price of new cars has risen 20% since 2020, while used car prices have skyrocketed 37%.  

Rising medical costs are another key factor. While the number of injuries and fatalities from car accidents has somewhat declined from its peak in 2021, the rising cost of medical care continues to drive higher claims costs. Between 2020 and 2022, the overall cost of medical care in the U.S. increased 6.8% 

Focus on value as you explore ways to save 
Keep in mind that savings come in many forms. The value of the coverage you choose today may save you more in the long run than the lowest possible premium.  

Contact us to review your current coverage. We’ll help you explore opportunities for discounts that could offset higher rates when it comes time to renew. 

Sources: National Association of Realtors, Federal Reserve Bank of St. Louis, Home Builders Institute, CoreLogic, Consumer Price Index, TechForce Foundation