Spike in various insurances has middle-class consumers searching for cheaper options
HOUSTON, Texas (KTRK) -- High insurance bills have some or all of us looking at cheaper options. The costs of everything from car and homeowners insurance are going up, and experts are seeing a large spike in people trying to find ways to save money.
In the past, if your car or homeowner's insurance went up a little bit, you probably just shrugged your shoulders and paid the bill, but the increases we are seeing now are leading many of us to look for a better deal.
"There are unprecedented times in terms of the rate increase people are seeing," said Chris Rice, the vice president of Insurance Strategic Business Intelligence at LexisNexis.
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The information and analytics firm says searches for auto and home insurance companies are spiking as rates continue to rise.
The company says more people are now switching insurance carriers than ever before as they try to find ways to save money in any way possible.
LexisNexis says the searches are increasingly coming from middle-class professionals who may have never considered making a change in insurance providers before.
The hikes are severe in Texas, with searches for insurance up more than 16% from a year ago and switching among providers up 20%
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"And it's not just auto insurance, it is the home owner's insurance, it's the people who have both together. They are seeing the double whammy and repair costs on cars, repair costs on a house, the storms, it all adds up," Rice said.
The Texas Department of Insurance has tips for saving on car and home insurance, the number one suggestion? Shop around for lower rates. You can find out more at www.HelpInsure.com.
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