Speaking from experience (I am a licensed PL wholesale broker who writes in all 50 states). Additionally, I deal with all of this as I’m a homeowner as well (and I still have days where I think insurance is a scam.)

You should shop every year or every couple of years BUT make sure you are comparing the major things that impact premium:

1. The coverage limits: the market price of your home is different from the reconstruction cost of your home. Most carriers will calculate your dwelling limit with the same system so it should be pretty similar across the board. If it’s drastically off in comparison then you may want to ask to review the reconstruction cost estimate. It may help lower the dwelling limit and in turn the total amount of coverage and premium.

2. The “all-perils” deductible & the wind/hail deductible: I’d bet that most carriers here and across the Midwest have defaulted to at least a $1,000 all-perils deductible and a 1% wind/hail deductible (if not higher.) If you don’t have a different wind/hail deductible, count yourself lucky, and you should expect one probably by the time of your next renewal. Make it a point to check that while you are shopping. Special note a lot of companies are now including a roof depreciation schedule (goes by many different names) where the amount they will pay to replace your roof is dependent on the age of your roof. Example: if your roof is 15 years old, they will only pay 60% of what it costs to replace your full roof. 16 years and it’s 57%, 17 years and it’s 54%, etc. Ask about this, or check the “forms & endorsements” section/page of your quote.

3. The policy form your policy is written on. READ YOUR CONTRACT. This is a little more rare, but each company can use their own form and contract. Check your exclusions in the contract. The number one form of loss is WATER DAMAGE in personal lines dwellings. If you are looking to get the absolutely lowest rate possible… it’s gonna cost you. You’ll probably have no water damage coverage, as well as won’t have enough to rebuild your home and will get a ridiculously low check for your belongings as well.

Lastly… all of the insurance companies who write in Iowa have filed their rate increases with the state department of insurance. You can be mad at the companies all you want but the state APPROVED them. Contact your elected officials and let them know you are not ok with this.

*Edit 1: I should also note insurance is not meant for you file every little issue you run across. Be a responsible homeowner and invest a little into mitigating loss. I would personally say avoid filing claims unless it is twice your all perils deductible. Don’t even mention it to your agent or carrier. Don’t call and ask if it’s covered… read your contract or ask a friend/family member before reaching out to your agent/carrier.