Is it normal for a home insurance premium to triple over a 7-year period?

I just got the paperwork to renew my home insurance. I noticed that the price is three times as high as it was seven years ago. Is it normal for the premium to triple in this time frame if I've only made two claims?

Answer
“If you’ve made two claims in the past seven years, you’re usually considered high risk to insurance companies.
Like car insurance, home insurance premiums can go up dramatically when you file claims.
In some cases, two claims over seven years can make you almost uninsurable to all but companies that specialize in high-risk homes. Therefore, you should only submit claims if they’re absolutely necessary.
That said, it isn’t impossible to find a company that may offer a lower rate than what your current company is offering. Before renewing, take a look at other home insurance providers. You can request quotes online or with the free Jerry app. Jerry compares quotes from the top providers and even helps fill out the signup paperwork.
Looking into other companies will ensure you’re getting the best rate based on your prior claims history.”
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Eric Schad
Answered on Aug 12, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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