What Causes My Personal Insurance Premiums To Go Up?

Everyone needs personal insurance to protect them from unknown accidents and claims. Personal insurance can include; homeowner’s insurance, renters, condo owners, auto, boat, personal umbrella, vacation rental, RV, motorcycle, identity theft, and much more.
Premiums are based on a number of factors, some of which are in your control, and some are out of your control. Let’s briefly look at factors that are out of your control.

• The profitability of the insurance company.
• Major losses, such as earthquakes, storms, and wildfires.
• State and federal regulations that oversee the insurance industry.
• The passing of new laws.
• Competition among insurance companies.
• Other financial indicators, such as the stock market.

These items can impact your personal insurance costs but are such that you don’t have control over. There are, however, many things in which you do have control over, and we can help identify which of these would help you the most in reducing your premiums or keeping your cost as competitive as possible.

What You Can Control

The kind of car you drive is one of the biggest single factors when it comes to your auto insurance. The more expensive the car, the more your premiums will be.
Where you live will help determine your homeowner’s insurance premiums. Do you live closer to a fire station? If so your premiums will be lower. If you live out in a country where there is little fire service, you may pay more.
The age of your home also will impact your insurance costs. Homes that have not been updated or maintained will also see higher insurance premiums.
If you have teen drivers living with you, your auto insurance will be higher than those families that do not have teen drivers.