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How much should my home insurance policy increase each year?
I’m going over some beginning of year accounting and noticed that my home insurance policy has increased in price. Is this normal, and will it happen every year? How much will my home insurance increase every year?
Natalie Todoroff · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Finding out you’re paying more is never the best news—especially when you’re calculating your bottom line.
Mostly, increases to your
home insurance policy
are due to inflation, so it can be difficult to predict an exact increase every year. Home insurance providers must keep up with the increase in cost to repair or rebuild your home.So, the more expensive it gets, the more you will end up paying. Other factors that can increase your rate are:
- Improvements to your home If you significantly improve your home one year—perhaps when you finally got around to building that wraparound deck during quarantine–your home becomes more expensive to insure. Thus, you’ll be getting a heftier bill from your insurance provider.
- Increase in property value Maybe your neighborhood suddenly becomes a more desirable place to live. To your insurance, “desirable” can translate to “more costly.”
- Filing a claim Depending on the size and quantity of [claims’(https://getjerry.com/car-insurance/worst-car-insurance-claim-mistakes) you’ve filed, your home insurance could go up.
In less than 45 seconds, Jerry collects all of your information from your existing insurer. Choose from competitive quotes from top insurance companies and Jerry takes care of the rest—securing your new policy and helping you cancel your old one. No long forms. No calling around. No hard work. Just savings.
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- Gregory R.
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