(Radio Iowa) – Many Iowa home owners are seeing their insurance premiums rise and some companies are refusing to insure some properties altogether. Sonya Sellmeyer, a consumer advocacy officer in the Iowa Insurance Division, says there have been a series of rate increases since the derecho that hit Iowa in August of 2020.

“It just seems like ever since then we’ve just continued to get hit by storms. It costs a lot of money to repair that damage, for many different reasons — inflation, material costs have gone up,” Sellmeyer says. “The reinsurance that the companies themselves have has gone up for them.”

Reinsurance is basically insurance for insurance companies. Sellmeyer says Iowans facing a significant hike in homeowners insurance could consider a higher deductible — if it’s an amount they can afford. Sellmeyer is encouraging Iowans to have a discussion with their licensed insurance agent, to ensure their policy would cover the cost of replacing their home and its contents.

“You don’t want to be paying something, espeically as it becomes more expensive, that’s not going to give you what you really need to replace your home in case something would happen,” Sellmeyer says. “…And understand your riders that you have, too, on your policy or that you may need…Sump pump and sewer riders are very important.”

Flooding is the most common and costly natural disaster in the U-S. There’s been a federal flood insurance program since the 1960s for property in a flood plain and a federal rule change in 2019 encouraged private companies to sell flood insurance policies. Sellmeyer says you can buy private flood insurance in Iowa even if your property is not in a flood plain. “I spent a weekend in Spencer, shortly after the flooding happened, with those survivors there and I strongly suggest all Iowans need to sit down with their insurance agent and see if this is something that they need,” Sellmeyer says.

According to the National Association of Realtors, home insurance premiums in the U-S are expected to rise about six percent by the end of the year.