Why Did My Insurance Rate Increase/Non Renew?
What to do about it!
Call us immediately! Most cases, our underwriting team will catch an increase or non renewal in your upcoming policy and will notify you of your options. If you have received an increase in premium or non renewal and the policy has not been addressed please contact our agency at 239-689-1025.
Our customers have the full advantage of all the companies we represent. We are always able to compare rates from our great carriers. If you are not a customer we can compare rates from great carriers for Home & Auto Insurance. We will find the lowest rates with the most coverage for you.
Take advantage of new discounts! Companies are now offering even higher discounts for combining your policies. Make sure you are up to date with all the available discounts. Review your coverages! Make sure your coverages are up to date. There are new deductibles available that may fit your needs. Where you usually had the option of $500, $1000 or $2500 you may now be able to chose from others including $750, $1500, $2000, $5000.
Why Did My Home Insurance Rate Increase/Non Renew?
- Losing a discount for a newly purchased home. Some companies offer discounts for newly purchased homes that drop off as you have lived in your home longer.
- Losing a discount for age of your home. Companies often use your homes age as a rating criteria.
- Inflation Index increases. Your homeowners policy likely has an inflation index to make sure your policy stays up with the increases in what your home’s replacement value is.
- Company has taken a rate increase since your last renewal.
- Company is reducing exposure in your territory.
Why Did My Auto Insurance Rate Go Up?
Though it may seem like your auto insurance rates always seem to go up and that there is nothing you can do about it; they don’t increase for no reason. We actually have a lot of control over our premiums.
The main reports auto insurance companies look at when determining how much they will charge you for auto insurance include:
- Your driving record – Stay safe on the road. Accidents, speeding tickets, and other traffic violations can have a huge impact on your premiums. The cleaner your driving record looks, the less you will have to pay for insurance.
- Vehicle history – Does your car have a lot of issues? Do you need to get it fixed often? Has it been in a lot of accidents? These all affect your vehicle history report. You might consider switching to a newer, safer automobile if your vehicle has a poor history report.
- Financial responsibility – This includes your credit score as well as your financial standing with your insurance company.
In other words, your insurance company will see every time you get into an accident, get a speeding ticket, forget to pay a bill, make an insurance claim, etc. Make sure you keep these things in mind!
The insurance company also cannot cancel your policy mid-term based upon new information in the reports discussed above. Your insurance policy is pretty much insured throughout the length of the policy-term.
Other things that can cause your insurance rate to increase include – adding more drivers to your policy, adding more cars to your policy, buying an expensive luxury car, state-enforced insurance rate hikes, and even nationwide insurance supply and demand.