Locking In Your Insurance Rate: Why Waiting Can Cost You

In today’s fast-changing insurance market, hesitation can be expensive. Whether you’re shopping for home insurance, auto, or a bundled policy, locking in your rate early could save you thousands—and ensure you're covered before new rate hikes or eligibility changes take effect.

A Real-Life Example: What Waiting Cost One Client

Not long ago, a client reached out to get a home insurance quote. We found him a fantastic policy that would save over $2,500 annually. Understandably, he wanted a little time to review the details.

But when he came back two weeks later ready to move forward, the rate was gone. The new best option? $2,000 more than the original quote.

He was understandably frustrated—and I was too. But unfortunately, this is becoming more common in today’s dynamic insurance environment.

Why Are Insurance Rates Changing So Quickly?

Several factors are contributing to this fast-paced shift in premiums:

  • Extreme weather events are increasing claim volume and severity.

  • Reconstruction and repair costs continue to rise due to inflation.

  • The reinsurance market—which supports insurance carriers—is experiencing volatility.

  • Carriers are adjusting rates and underwriting guidelines more frequently than ever to stay financially sound.

All of this means that the quote you receive today may not be available tomorrow.

Insurance Rates Are Like Mortgage Rates—You Have to Lock Them In

Just like you lock in a mortgage interest rate to protect against market changes, insurance works the same way. Your rate isn’t guaranteed until:

  • The application is signed

  • Payment is submitted or

  • A mortgage company is billed

Until one of those steps happens, your quote is simply a snapshot of that moment in time—not a promise.

Delays Could Affect More Than Just Price

It’s not just about saving money. Waiting can also impact your eligibility:

  • Some insurance carriers are tightening their underwriting guidelines.

  • Delays can lead to fewer options and stricter requirements.

  • In extreme cases, waiting may result in not qualifying for coverage at all.

The Smart Move: Lock It In While It’s Available

If you're happy with the coverage and price, the smartest thing you can do is lock in the rate. You’ll avoid surprise premium increases, maintain eligibility, and make sure you’re protected when you need it most.

Need Help Navigating the Market? Let’s Talk.

As your insurance advisor, I’m here to guide you through today’s unpredictable market and help you secure the best possible coverage—before it's gone.

📞 Ready to get started? Call us today at 469-209-8823 or request a quote online.

Chris Carlson