There are several potential reasons your home insurance rates may have gone up, but the main culprits in 2022 are rising inflation and more frequent natural disasters.
There is no shortage of reasons your home insurance rates may have gone up, but the likely culprits in 2022 are rising labor and construction costs due to inflation and expensive natural disasters.
Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.
Around a month before the end of your policy term, your insurance company will send you a notice reminding you that your homeowners insurance is set to renew for another year, along with any changes to your coverage or rates. Most years, rate adjustments are either nonexistent or just small enough for homeowners not to notice. And since most policies renew automatically, renewal often feels like just a formality.
But over the last couple of years, there’s a good chance you’ve looked at your renewal notice only to discover your homeowners insurance rate went up by hundreds or even thousands of dollars.
From May 2021 to May 2022, home insurance premiums went up 12.1%, according to a Policygenius analysis of internal policyholder data. [1] For homeowners whose premiums went up, the average increase was $134. In this guide, we’ll help you understand why this may have happened and what, if anything, you can do to lower your rates.
GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24
