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Why did my home insurance go up?
I got my renewal paperwork for my homeowners policy, and my rates have gone up. I haven’t added anything to my home to require paying for extra coverage, and I don’t know why my premiums increased. Why did my home insurance go up?
Payton Ternus · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear your home insurance went up. It’s common to see increases in premiums, and it’s usually not because of something you did—it may be completely out of your control.
There are three main reasons out of your control that can cause
home insurance
premiums to increase: - Natural disasters have worsened in your area. The local weather and environment have a key role in your insurance premiums. When natural disasters increase, the risk level for the area increases, and your insurance company can adjust the rates to fit the risk.
- Your home is getting older. Homes become more vulnerable to lose and damage over time. Older homes are considered to have a higher risk level, and therefore can have higher insurance premiums to match.
- The cost of labor and construction increased. Part of your insurance premium depends on what it would cost to rebuild your home in the event of a total loss. These costs change with the economy, and your insurance provider may change your premium to account for those expenses.
Want to see if there’s a cheaper homeowners policy for you?
Jerry
is ready to help. Jerry is a licensed insurance broker and comparison app designed to find the best savings on the market. You can save even more by bundling your homeowners insurance with an auto policy!View full answer
- Gregory R.
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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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