Why did my premium increase on renewal even if I’ve had no new claims?

Even if you haven’t had any new claims over the past year, you could still see your home or car insurance premium go up. Many home and car owners aren’t aware that there are factors outside of your personal history – and outside of your control – that are involved in your insurance premium calculation at renewal time. And, any one of these factors could contribute to a car or home insurance rate increase.

Here are some factors (outside of claims) that could impact your home premium: 

  • Annual changes to general underwriting rates to account for factors like inflation
  • Increased building costs or aging infrastructure
  • Increased extreme weather events such as ice storms or heavy rainfall
  • Changes to trends in your area like increased vandalism or theft
  • Change in credit score (if applicable)
  • Significant changes to your home (like renovations or updates)

Here are some factors (outside of claims) that could impact your auto premium:

  • Annual changes to general underwriting rates to account for factors like inflation
  • Increased costs of parts for your car
  • Changes to trends in your area like increased collisions or vandalism
  • Change in credit score (if applicable)

We know that seeing your payments go up can be frustrating. If you have any questions about your premium or renewal, please reach out to us. We’re happy to review your policy with you.