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Why do home insurance premiums increase every year?
I was looking over my home insurance premiums for the past few years. I noticed that they've steadily been increasing, yet I haven't filed a claim or had a late payment. Why do these premiums increase every year?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“In most cases, the premium of your home insurance will increase each year. Premiums often increase to keep up with inflation and the age of your home.
If you submitted a claim against your policy, this could also impact your insurance score and home insurance premium. If insureds in your area are making more claims, statewide insurance premiums are increases, or company-wide premiums increase, you can also see your premiums increase for causes unrelated to you.
The best idea is to shop around for a new home insurance policy every few years to reduce your costs while keeping the same coverage. Using a smart-comparison tool like
Jerry
makes shopping for the best deals easy. Jerry pulls quotes from the top providers and even helps fill out the transfer paperwork for you.”View full answer
- Gregory R.
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