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Here’s why your homeowners insurance may have gotten more expensive.

If you are approaching the renewal period for your homeowners insurance, then it’s time to look over the policy summary provided by your insurer.  One particular thing to look at is if your premiums have increased.  If you have noticed an increase in your rates, there are several legitimate reasons why this may have happened.  Here are a few of the common explanations.

  • Home Renovation Projects

If you have recently completed home renovations or updates that increased the value of your property, you may have to increase your coverage limits accordingly.  More coverage means higher premiums, so this could explain why your premiums have increased.

  • Changes in Your Claims History

Oftentimes, homeowners that have recently filed a claim experience a rate increase the following renewal term.  The size of for the increase depends on the claim type.  Act of God claims such as wind/hailstorms often see minor change in premium where non-weather-related claims such as water damage, freeze or liability can see larger increases.  Fortunately, you can once again gain access to lower insurance rates if you manage to stay claim-free for an extended period of time.

  • Your Risk for Extreme Weather Events

In recent years, the number of wildfires, wind/ hailstorms, hurricanes, tornadoes, and other extreme weather events have increased significantly.  As the frequency of these damaging events increases, insurance companies often file rate increases with the applicable state so they can keep up with resulting home insurance claims.

These are some of the factors that could have caused your homeowners insurance premiums to increase.  Do you need help with your home insurance coverage?  If so, then contact the experts at The Schwab Agency in Colleyville, Texas.  Our dedicated team is eager to assist you today.

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