Why Would Homeowners Insurance Go Up?

1. 

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   David Osgood

   Agent, Rural Mutual Insurance Co., Union Grove, WI

   There are many possible reasons as to why your homeowners insurance premium would rise. Not all of the reasons are under your control. Some of the more obvious reasons for an increase in your homeowners insurance premium are: inflation (the insurance carrier generally incurs more costs each year), claims that you may have filed, a change in your credit rating, an increase in homeowners claims within your carrier or your geographic area, or increases in valuation of properties in your geographic area just to name a few.

   Answered on October 22, 2013

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2. 

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   Tom Sheehan

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

   Talk to your Insurance Professional about your Home Insurance policy and what specifically may cause the premium to increase in your case. In general, there are a number of factors that can contribute to a premium increase. For example, it is likely that your policy has an "inflation guard" provision that increases the dwelling amount provided each year. If the dwelling amount on your home increased over last year, that would certainly account for a premium increase. If you suffered a covered loss and had to file a claim, that might affect your renewal premium. If your area was hit with heavy weather related losses, like the ice daming that the North East and specificlally CT was plagued by, even if yo were not affected, your company might have had to take a rate adjustment as a result of the losses. Your Insurance professional wil be able to review your coverage and advise you not only as to why the policy may have increased, but also ways to save.

   Answered on August 24, 2015

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