WHY DID MY HOMEOWNERS INSURANCE RATES GO UP?
There is no shortage of potential explanations for why your homeowner's home insurance companies premiums have increased, but the most likely offenders in 2022 are inflation-driven increases in the cost of labour and construction materials, as well as costly natural disasters. A notification informing you that your homeowners insurance is set to renew for another year will be mailed to you by your insurance carrier around one month before the end of the term of your policy. This notice will also detail any changes that have been made to your coverage or premiums. In the majority of years, rate modifications are either not made at all or are so minute that homeowners are unlikely to notice them. And because the vast majority of policies are set to automatically renew, the process of renewal frequently feels like little more than a formality. But in the past few years, there is a strong chance that you have looked at your renewal notice only to realise that the rate for your homeow...