Many homeowners and drivers across Georgia and North Carolina are opening renewal notices and asking the same question: Why did my insurance go up when I haven’t filed a claim? In this episode of Peace of Mind, Mark and Kathy Moore of Moore Insurance Services explain what’s happening in today’s insurance market and what consumers can do to manage rising costs responsibly.

(0:32 – 3:40)Mark Moore reflects on 30 years in the insurance business and explains that the past few years have been unusually difficult for policyholders. While inflation in the general economy has slowed, insurance premiums have continued to rise sharply. Many customers are seeing increases of 15–20% or more despite having no claims.

Georgia has been hit especially hard, with North Carolina now experiencing similar trends.

(3:51 – 5:15)One key factor behind higher premiums is something many homeowners don’t notice: inflation guard. Insurance companies automatically increase the insured value of homes to keep up with rising construction costs. While this helps prevent underinsurance, it also increases premiums.

(5:55 – 7:34)Replacement cost is not the same as market value. Carriers use replacement cost estimators based on square footage, materials, and features like decks, porches, and custom finishes. Many companies also send inspectors to verify details, which can result in coverage changes after a policy is issued.

While frustrating, these adjustments are made by the carrier, not the agency.

(13:25 – 15:26)Another major driver of rising premiums is reduced competition. Mark explains that some insurance companies have exited personal insurance markets in Georgia. When fewer carriers are available, prices rise and coverage becomes harder to obtain.

This restricted market affects both cost and availability.

(15:26 – 16:38)Kathy explains that Moore Insurance is an independent agency, meaning they work with multiple carriers. When one company raises rates, they can shop alternatives and look for discounts. While savings aren’t always possible, having options is critical in today’s market.

(15:26 – 16:38)Some effective ways to reduce premiums without sacrificing protection include:

(16:38 – 18:08)Mark shares a cautionary example of a customer who saved money by switching auto insurance but unknowingly lost umbrella coverage because the umbrella carrier would not extend coverage over another company’s auto policy.

The result was the loss of at least $1 million in liability protection.

(19:01 – 20:31)Cutting coverage limits to the minimum may save money short-term but can create serious financial risk. A safer approach is raising deductibles. For higher-value homes, higher deductibles can significantly reduce premiums without lowering liability protection.