Why Did My Homeowners Insurance Increase?
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4 responses to “Why Did My Homeowners Insurance Increase?”
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If your homeowner’s premium increased you should check to see if the coverage amount also increased. If the coverage has not changed either the company has had to file for a rate increase due to the loss pattern in your area or you have filed a claim. Filing a claim can cause a discount you were enjoying to be removed regardless of the amount paid on the claim.
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There could be many factors as to why it would increase. Its best to have your Agent or Broker contact underwriting for a full review of your policy. Reasons could be from credit to replacement cost, company rate increase. Again best thing to do is speak to your agent. Thanks for asking,
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That is a great question! The best thing to do is ask your agent. Pop in, and have him tell you. It may be that you had filed a claim, it may be a change in your policy, or it may be the company’s desire for profits. Either way, your agent should be able to tell you. Thanks for asking!
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Honestly there can be any number of reasons for an increase. It is always best to talk with your Insurance Professional to discuss coverage and premium issues within the context of your policy. Some reasons for increases are simply because the company’s loss history required them to file for an increase in their base rate in your state. Another reason may be because your policy includes some form of “inflation guard” provision which triggers a small increase incoverage with each renewal. If the coverage increases, the premium will as well.
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