If your Home Insurance Premiums have increased, there can multiple reasons listed below.
You had a claim: If you have submitted a claim in the past, your insurer might consider you now a higher risk and thus adjusted your home insurance premiums. You should consider that sometimes it is better to repair small damages on your own rather than submitting a home insurance claim. That surely depends on your insurance company and sometimes an insurer can have a claim forgiveness rules in place ensuring that your rates do not increase after e.g. your first claim.
Consideration of inflation: Many insurers increase your dwelling limit every year by considering the inflation of the house rebuilding costs. Follow up to ensure this adjustment is in line with reality and that you are not overpaying.
Increased limits: If a policy holder increased home insurance policy limits e.g. for particular interior updates or increased content coverage, you can experience a premium increase.
Reviewed pricing: Sometimes insurers tend to review own rates and can increase rates based on their updated risk models. Often it is a case after large natural events such as e.g. flooding or hail. For example, some insurers increased their home insurance rates, based on customer feedbacks, after flooding events in Alberta and Ontario.
Another aspect that needs to be carefully tracked is changes in coverage. Some insurers prefer rather than increasing rates, decrease home insurance coverage and we have reports of insurers drastically reducing e.g. insurance limits for sewer backups after large flooding events.
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