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Why Are Insurance Rates Always Rising?

As a homeowner, there are aspects of having insurance that may remain mystifying. This may include understanding the policy terms and perhaps most notably, figuring out why it is that your policy becomes costlier each year. These increases often happen even if you’ve never once had to make an insurance claim. Why is that?

The age of the home. The older your home becomes, the more wear. It’s logical that a home built fifty years ago has greater chances of having issues than one that was built just five years ago. Gaps and leaks are far more common in an older home versus one that still has a valid warranty. Roof claims are among the most common types of claims.

The location. Your home may not have gone anywhere, but the surrounding area may have sustained damage such as flooding. Sinkholes may have occurred nearby due to excessive rain. Despite everything seeming normal where you live, insurance rates may have increased because of what’s been happening in the area.

This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with a Miami property insurance lawyer and receive a free consultation We look forward to working with you.

This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.