Why Did My Homeowners Insurance Increase?

1. 

   14231 POINTS

   view profile
   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   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.

   Answered on December 9, 2014

   flag this answer
2. 

   21750 POINTS

   view profile
   Jim Winkler

   CEO/Owner, Winkler Financial Group, Houston, Texas

   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!

   Answered on December 16, 2014

   flag this answer
3. 

   0 POINTS

   view profile
   Ruben Romero

   Owner, Entrust Insurance Agency, Bronx NY

   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,

   Answered on December 24, 2014

   flag this answer
4. 

   37376 POINTS

   view profile
   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   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.

   Answered on January 9, 2015

   flag this answer
Did you find these answers helpful?
Yes
No
Go!

Add Your Answer To This Question

You must be logged in to add your answer.