Why did my homeowner’s insurance premium go up, without a claim?

Pricing homeowners insurance is complex, and there are probably several reasons behind your homeowner’s insurance premium increase. They could include: Inflation: Increases in the replacement cost of your home would make your premium go up.

homeowners-insurance-premiumPricing homeowners insurance is complex, and there are probably several reasons behind your homeowner’s insurance premium increase. They could include:

Inflation: Increases in the replacement cost of your home would make your premium go up. If something should happen to your home, we want to be sure there will be enough money to rebuild your entire house.

Increased catastrophes: The number of storms over the past five years have caused homeowner’s insurance prices to increase.

It doesn’t have to be a hurricane or tornado to cause a lot of damage. Some of our biggest losses come from thunderstorms, hail and winter storms.

Prices are based on how much damage your particular state experienced.

Construction costs driven by a shortage of materials: While you probably never have to worry about a hurricane occurring in Ohio, they can still affect your premium. Widespread damage causes a shortage of building materials, which drives up the price for everyone. Labor shortages increase the cost of construction projects as well.

Changes in previous discounts: You may have been receiving a discount for a newer home or roof. A discount of this type lessens over time which causes your premium to increase.

The Agent Insurance Services
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