Why Would My Homeowners Insurance Go Up?
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasGreat question! There are a few reasons why it may have increased. Did you file a claim? That may sometimes have an effect on your rate. Did you have other policies (Auto, life, etc.) tied to that policy that you may have ended that cancelled a discount that you were receiving? It may be just that the company raised its rates because their profits were down, and they wanted to recoup them. I advise that you call them, and have them explain to you what the reason was. If you need more help, please contact me, I'd be happy to help. Thanks for asking!Answered on April 18, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaHomeowner’s policies with replacement cost coverage generally have a clause that adjusts the amount of coverage each year to keep pace with increased cost of construction. That typically accounts for about a 3% annual increase in the homeowner’s premium. The effects of a claim can be quite noticeable. Beside the claim, the homeowner might be losing a “claims free” discount. Finally, companies do adjust their rates. Although they do operate on a very slim margin, the company may file to make sure that they remain viable in a particular state.Answered on April 28, 2014flag this answer
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