This episode of the "Joe Knows Better" podcast, hosted by Joe Ducey and Michelle Marin, features insurance expert Nathan Mason, who addresses the sharp increase in auto and home insurance costs, particularly in Arizona, due to inflation, expensive vehicle repairs, and local risks like hail and water damage. The key advice for consumers looking to reduce their premiums is to increase their deductibles on both auto and home policies, thereby taking on more responsibility for smaller claims and lowering the insurer's risk. Mason stresses the importance of avoiding filing claims for minor issues, such as small windshield chips or car scratches, because the number of claims filed can significantly raise future rates, even if the individual claims are relatively inexpensive. He also advises homeowners to document the age of their roof and for all policyholders to bundle their policies and shop around with an independent agent as rates begin to stabilize.
Key takeaways
- Increase your deductible on both auto and home policies to lower premiums.
- Avoid filing small claims (e.g., minor windshield repairs) to prevent future rate hikes.
- Pay for minor auto and home repairs out of pocket when the cost is close to your deductible.
- Be cautious of glass repair incentives, as they can lead to an increase in your premium.
- Bundle your home and auto policies for maximum savings.
- Use an independent agent to shop and compare rates from multiple companies.
