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Why has my home insurance gone up so much?
I’ve owned my home for a year now and I just got my insurance policy renewal. I was shocked to see that my prices went up by about 10%. Why has my home insurance gone up so much?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
This is a valid concern—no one deserves to be ripped off! Your home insurance may have gone up so much due to market conditions or increased risks associated with your home.
Home insurance rates have recently increased across the board by about 4% due to pandemic-related supply chain disruptions, rising material costs, and even climate change.
Before jumping to conclusions, though, you should call your
home insurance
carrier to find out why exactly your rates increased. For example, if you have “other structures coverage” and built a new shed on your property, this would increase your premiums.
There are many factors that could cause your home insurance to go up:
- Location and age of your home
- Labor shortages and inflation
- Dwelling coverage amount
- Claims history/insurance score
- Other structures coverage (fence, detached garage, pool, etc.)
- Personal property coverage amount
- Deductible amount
- Add-ons you might need (like earthquake coverage)
In addition to this, if you have replacement coverage (instead of actual cash value (ACV) coverage), the substantial increase in construction costs may be to blame. Things are taking longer to build and cost more than usual overall.
With all of the factors causing your home insurance to increase, it’s important to shop around to make sure you are getting the best possible deal. This can be a time-consuming process, so take advantage of super app
Jerry
to get you affordable quotes without sacrificing coverage. It takes less than a minute to sign up and you’ll be presented with competitive rates from the top name-brand providers. Find out if your insurance company is ripping you off with Jerry—they can even help you cancel your policy.
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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