Several things can affect homeowners and landlord insurance rates.
We understand how frustrating it can be when the premiums increase for your homeowners insurance or landlord insurance, also known as rental property insurance.
Some things that raise the cost might be expected, like if you renovate your kitchen or change your coverage. But some things are out of your control, like repair costs.
We look at several factors before increasing future rates.
- What's the likelihood you'll have a claim, and how much would it cost to pay for it?
- What's the frequency, severity and likelihood of future claims where you live?
- Are economic events causing prices to rise because labor and supplies are limited?
Then we use all that data to adjust our rates.
A rate change at renewal
When projected claims costs go up, we raise our rates to make sure we can cover you after a covered loss. These costs include:
- Materials and labor
- Weather-related events in your area
Who does it affect?
Our rate is spread across policyholders in your area, so members with similar policies and locations are affected.
For example, in some instances members in the same area may see their rates go up due to increasing weather-related events in that location.
Auto rates can go up for similar reasons.
Rising costs are also pushing up car insurance premiums for many drivers.
