Sticker shock: Why your homeowners insurance could be increasing

RALEIGH, N.C. (WTVD) -- Get ready to pay more for homeowners insurance.

The increase is caused by inflation, but some say climate change could also affect your rates.

When you get your home insurance premiums for 2023, you could be in for sticker shock. One ABC11 viewer shared with us their bill and saw a $700 increase in premiums from last year, jumping from $2,000, up to more than $2,700.

Tanveen Vohra with Insurify an insurance comparison shopping website said, "There is inflation and supply chain issues, like for example, the cost of lumber is up 21%, roof prices are up 22%. So those are just kind of routine issues that we are seeing in the economy that are impacting great changes."

Vohra said climate change is a factor.

"There's an increase in the intensity and overall number of severe weather-related events, and that causes a lot of damage that ultimately falls on insurers to take care of those claims," she said.

Insurify's 2023 Homeowners Report predicts a 9% increase in premiums this year. To try to save money, reach out to your insurance agent to see if there are any discounts you could be eligible for.

Also, check online by using insurance quote tools. Within minutes you can get personalized quotes from several insurance companies to compare pricing.

Don't be afraid to shop around for better rates, but just know that if you find a policy that saves you money, check the small print to make sure you still have the proper coverage so if something does go wrong, you aren't paying even more than you would with the increase in premiums.