{"id":2169,"date":"2023-02-28T02:56:08","date_gmt":"2023-02-28T07:56:08","guid":{"rendered":"https:\/\/www.policyadvocate.com\/?p=1773"},"modified":"2023-02-28T02:56:08","modified_gmt":"2023-02-28T07:56:08","slug":"what-causes-homeowners-insurance-premiums-to-go-up","status":"publish","type":"post","link":"https:\/\/fire.h50.us\/~morganpolicy\/blog\/what-causes-homeowners-insurance-premiums-to-go-up\/","title":{"rendered":"What Causes Homeowner\u2019s Insurance Premiums to Go Up?"},"content":{"rendered":"

At The Morgan Law Group P.A.<\/u><\/a>, our insurance claims attorneys<\/u>\u00a0in California<\/u><\/a>, Florida<\/u><\/a>, Mississippi<\/u><\/a>, Louisiana<\/u><\/a>, and Puerto Rico<\/u>\u00a0know, on average, homeowner\u2019s insurance<\/u><\/a>\u00a0costs have gone up 4% each year since 2009.<\/p>\n

This annual increase is often accompanied by an increase in natural disasters, rising property values, and over the past couple of years \u2014 higher inflation rates. Here are a few reasons why you may see an increase, and how to help counter rising costs.<\/p>\n

Top Reasons Your Homeowner\u2019s Insurance Rates Increased<\/h2>\n

Besides natural disasters happening more commonly in your area, like hurricanes, rainstorms, mudslides, and other damaging occurrences, there are reasons you may see a sharp increase in your homeowner\u2019s premium.<\/p>\n

One of the most common is that your home is older and in need of upgrades. This may include needing new windows or a roof that could help minimize additional damages going forward.<\/p>\n

Another common reason is that you made additions called, \u201cattractive nuisances.\u201d These may include, but are not limited to, swimming pools, trampolines, jungle gyms, or dogs that attract children to your property.<\/p>\n

Finally, insurance companies have an algorithm that calculates each homeowner\u2019s premium. The outcome weighs crucial factors like your credit score, claim history, and other factors called an \u201cinsurance score.\u201d When yours goes down, your rates may go up.<\/p>\n

How Can I Lower My Homeowner\u2019s Insurance Premium?<\/h2>\n

There are several intelligent steps you can take to help lower your homeowner\u2019s insurance premium.<\/p>\n

They include:<\/p>\n

    \n
  • Adding a security system.<\/li>\n
  • Asking about loyalty discounts, or those provided for seniors.<\/li>\n
  • Avoiding a homeowner\u2019s insurance claim for smaller issues.<\/li>\n
  • Building a good credit history.<\/li>\n
  • Combining your car, home, or other insurance policies to achieve a multi-policy discount.<\/li>\n
  • Increasing your deductible.<\/li>\n
  • Installing smart home monitoring devices.<\/li>\n
  • Paying your premium on time, or in two six-month payments or one-yearly payment.<\/li>\n
  • Taking steps to improve your insurance score.<\/li>\n
  • Upgrading outdated portions of your home, like the HVAC system or the roof.<\/li>\n<\/ul>\n

    If it has been a while since you have checked homeowner\u2019s premiums with other companies, it may be time to shop around to ensure you are getting the best rate. This is especially true if the factors that impact your insurance score have changed.<\/p>\n

    Contact Our Insurance Claims Attorneys Today to Discuss Your Policy Details<\/h2>\n

    If you are unsure whether your homeowner\u2019s insurance<\/a> policy covers damage that your home or property<\/a> has sustained, contact<\/u><\/a> our experienced\u00a0insurance claims attorneys<\/a> by calling 888-904-2524<\/a> to schedule a free consultation and learn how we can help you understand your coverage details and pursue the outcome you deserve from your insurance policy without further delay.<\/p>\n

    Photo by Vlad Deep<\/u><\/a>\u00a0on Unsplash<\/u><\/a><\/p>\n