The biggest driver of home insurance costs are claims. As the frequency and severity of claims go, so go insurance costs. In addition, insurance premiums have to be adjusted to cover the increasing costs of labor and materials required to rebuild and repair homes. Insurance companies are for-profit organizations who in addition to earning a profit must bring in enough to pay claims or they cease to exist.
However, there are many adjustments that can be made in home insurance coverage that will lower costs. You will want to review those options with your insurance professional on an ongoing basis with a regular review of your needs.
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However, there are many adjustments that can be made in home insurance coverage that will lower costs. You will want to review those options with your insurance professional on an ongoing basis with a regular review of your needs.