Common Factors That Can Increase Your Homeowners Insurance Premiums

These May Cause Your Homeowners Insurance Premiums To Rise

Common-Bathroom-Remodeling-Tools-You-May-NeedHomeowners insurance is a necessary expense to make sure that your home and assets are protected from any number of perils. While keeping your homeowners insurance premiums as low as possible can help to save money, there are some factors that you cannot control. Some of the most common signs that your homeowner’s insurance premiums may increase include:

  • A large wind or hailstorm in the past 2 years – if your area experienced a large storm, it may be a sign that another storm is not far away. Insurance companies may increase the premiums a couple of years after an initial storm when they analyze the amount of claims that were made.
  • Changes in exposures – along with harsh weather, home insurance premiums may rise if there is an increase in many different exposures in your area, including an increase of claim activity or an increase in crime rate.
  • Poor home maintenance – if you do not take care of your home, there is more of a chance that you will have to make a claim. If an insurance adjuster looks at your home and decides that it may be dangerous, you may see a hike in your rates.
  • Internal changes within the company – any number of internal changes within your insurance company can cause your home insurance rates to rise. If your company is going through changes, you will most likely receive a notice explaining how the changes may affect you, including higher insurance premiums.

For all of your homeowners insurance coverage needs, contact the insurance experts at Alliance Group in Fairport, New York. As an independent insurance company, we will work with you to ensure that you have the right amount of coverage for any unfortunate situation, all at the right price to fit your budget.