There are several reasons why insurance rates may be going up, including:
Increased frequency and severity of claims: If more people are making claims and those claims are costing more, insurance companies will need to raise their rates to cover the increased costs.
Natural disasters and weather events: Climate change has led to an increase in natural disasters and weather-related events, which can result in large payouts for insurance companies. This, in turn, can lead to higher insurance rates.
Inflation: Inflation can impact the cost of goods and services, including the cost of repairing or replacing damaged property. As a result, insurance rates may need to increase to keep up with the rising costs.
Changes in government regulations: Insurance companies must comply with government regulations, and changes in those regulations can lead to increased costs for the company. These costs may be passed on to customers in the form of higher premiums.
Overall, insurance rates can go up due to a variety of factors, many of which are outside of the control of individual consumers.
Homeowners insurance in the big county doesn't have to be expensive. Reach out to one of our agents to see what we can do for your insurance needs.