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?

Answer
“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.”
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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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