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?

Answer
“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.”
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Shannon Martin
Answered on Jul 27, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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