When we discuss prices going up our focus to date has been food, energy and of late, insurance. “Home insurance premiums rose about 30% from 2019 to 2023, while rebuilding and replacement costs went up 55% during the same period.” – Kiplinger.com.


A number of natural disasters combined with general inflationary trends have caused prices to skyrocket, particularly in markets like Florida. Car insurance has also been impacted by shortages of certain parts and the need for more electrical components for electric vehicles. We can all agree it’s a problem so what are some ways we can reduce our insurance costs?

I spoke to my good friend Kreg Foster who owns Foster Insurance Services in Webster City, Iowa. He had some specific tips to manage your insurance costs:

1. Get quotes with higher deductibles. I may offer some savings but not always. It’s always important to have funds available to meet these higher deductibles as well.

2. Be careful when shopping different insurance companies. While it may sound like a good idea, switching companies frequently can affect future availability as carriers become aware of the continual changes.

3. Many carriers offer paid-in-full discounts. Take advantage of them if possible. Also, they do NOT offer this on a home insurance policy if the bill is sent to the mortgage company. If you can pay the bill yourself and not use an escrow account you can save a few hundred dollars.

4. Make sure the company has an accurate record of the age of your roof. Newer roofs can save a lot of money.

5. If you’re looking to get a new vehicle, check the insurance cost before buying. The cost of the vehicle is only a small part of the actual cost of the insurance.

Much to digest but some great advice to lower your insurance burden. Please reach out to us with any specific questions or other tips to consider.

Thank you again to Kreg for sharing his advice.