Why Does My Homeowners Insurance Keep Going Up?

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   Neil H. Greco

   Agency Principal, Neil H. Greco LLC, New Jersey

   There are many reasons why your premium may be increasing. If you have recently put in a claim, that may be a factor for increases. Depending on where you live, and depending on the volume of claims that occur in your state, you may see resulting increases in premium to help counter the amount of losses that have taken place. Another reason may be that your insurance provider is raising your dwelling limits to properly cover you in the event of a loss. Insurance carriers will raise coverage often to ensure that if there is a loss, that you will have adequate coverage to replace your home. They have to do this because as time goes by, the cost of building supplies increases, as does the cost to actually build. If you would like to look into lowering your premium, I would recommend contacting your local insurance professional, or reach out to your respective insurance carrier and tell them you would like to look at some options to lower your rates. Thanks for asking!

   Answered on August 8, 2014

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