Why does the cost of my homeowner's insurance policy keep increasing?
Why does the cost of my home insurance policy keep going up? I haven't made any changes or filed any claims. My agent said this is just how homeowner's policies work. Is that true?
“It is true that the cost of homeowner’s insurance will fluctuate over time to adjust for the cost of building materials and labor.
When the economy changes and the cost of materials increase, or if there is an imbalance with the supply and demand of materials, you will see the policy premium increase.
Understandably, this can feel unfair to homeowners since they have no control over these changes. There are some steps you can take to lower your current rate, such as:
- Increase the policy deductible
- Bundle your auto and home insurance policies
- Check for safety discounts
If you have evaluated all of your options and the cost of the policy still seems too high, then it is time to shop for a new insurance policy.
Use the free Jerry app for a simple and fast way to get find low insurance rates! Jerry shops with over 50 insurance companies to help you find the lowest car and home quotes and delivers them straight to your phone.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
Can you ask a lender to waive a payment for a month on a car loan?
"I've made 37 straight on-time payments on my car loan. I have 23 left. This month, I've had some unforeseen expenses and I can't pay the loan. Can I ask the lender to waive the payment for the month?"
Jul 27, 2021
How much should I have for dwelling coverage on an older home?
How much should I insure my home for? I have heard that it needs to be at least 80% of the market value, but Nationwide has the dwelling portion of my policy much higher than the market value. I don't want to pay for coverage I can't use; what do most people do?
Jul 27, 2021
What is better, a cheap insurance policy or a brand name insurance policy?
Is it better to buy a cheap insurance policy, or should I go with a name I know? I was shopping for a new homeowner's policy and the lowest price came back from a company called Hippo. I have never heard of them before. This could save me $500 per year, but I am a little nervous about making the change.
Jul 27, 2021