top of page

Property Insurance Rates: How to Combat Inflation (2022)

Updated: Sep 28, 2022

Original Article Date: 09/06/2022

Last Updated: 09/06/2022

In our previous article in this series, we explained the differences in the valuation of your property policy. This article discusses further ways for you to evaluate your property insurance to make sure you're receiving the best available rates.

First Steps - See what is covered on your policy

Depending on your policy, your home or building may be over-insured, especially going into 2023. As insurance companies were responding to pandemic-era costs, many of those costs are trending back down (such as lumber). This would directly relate to the rebuild cost of your policy.

  • Check your "inflation guard" rider to see what percentage it is at - many insurers during the pandemic did increase the quarterly percentage to keep up with the market. The standard is 1% per quarter, but some carriers have increased that to more than 4% each quarter.

  • Verify your building is rated correctly - do you have a frame home, but it is accidentally listed as masonry? This can cause rates to be inaccurately calculated and should be adjusted if incorrect.

  • Are you on a guaranteed rebuild cost or on a functional rebuild cost? Older homes (Pre-1980) should opt for FRC as this can reduce costs on restoring a property that has very expensive features, but cannot truly be replaced, such as decorative trim or plastering.

Next - Run a fresh estimate

Property insurance should be reviewed regularly just as any other insurance products. We recommend reviewing a property policy at least every 2-3 years to make sure you're getting the most competitive rates.

Business Policies may be the exception, especially if you are on an agreed valuation. However, it may not hurt to evaluate the coverage and compare with at least three carriers to make sure your pricing is still within the ballpark.

Contact your agent and ask for a revised replacement cost estimate and compare to your existing contract. Are the new numbers more accurate? Is there any opportunity for savings? These are great questions to ask.

Last Steps

Checked all endorsements? Reviewed contract language? Ran a new estimate and still not happy? Give our professional property experts at Encompass Agency & Jordan First Insurance a call. We will underwrite your property as accurately as possible and discuss your insurance options with you.


Reviewing your property insurance on a regular basis is a must to make sure your coverages and premiums are accurate. Take a few moments to review your endorsements and discuss options with your agent to combat rising costs.

To get a quote on your Homeowners, Landlord Rental or Commercial Property, tap or click the request button below. Our team of dedicated insurance professionals will have a one-on-one consult with you at no cost to review your options.

Coverage available in FL, NY, OH, PA, SC, TN & VA




bottom of page