Your homeowners insurance premiums may increase due to various factors such as fluctuations in your credit score, local risk factors like crime or weather patterns or rising construction costs, which make repairs more expensive. Additionally, filing previous claims can signal higher risk, leading to higher premiums.
Even making home improvements, while beneficial, can raise the value of your property, resulting in increased coverage needs and consequently, higher premiums. Understanding why your homeowners insurance premiums go up can help you plan financially when you renewing your policy.