Millennials were most likely to shop around at 57 percent, while Gen X was the least at 49 percent, reflecting a generational gap.
As America faces an ongoing home insurance crisis, many are finding ways to get around the price hikes by shopping around or even asking their insurers for a discount.According to a new ValuePenguin survey, 54 percent of homeowner insurance policyholders shopped around for insurance in 2023, saving $474 on average each year. Meanwhile, 52 percent asked their insurers for discounts and were able to save about $472 yearly.
Sangameshwar said there's reason to believe rate hikes will slow in the future, but non-renewal notices will continue to be a problem as insurance agencies leave costlier areas like California.'While 2024 will see more rate hikes, the outlook is improving for insurers, who have used rate hikes and more caution about insuring high-risk properties to mitigate several years of losses,' Sangameshwar said.
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