homeowners insurance Pricing is complex and there probably several reasons for your homeowners insurance the premium increase of neighbor. They could include:
1. Inflation: Increases the value of its housing, the other structures on his property and the replacement cost of its property would make up his bonus. "While there is an increase, it is really a good thing because it means that your property is well covered," said Terry McConnell, vice president and director of ERIE, Personal Lines Underwriting.
2. disasters increased :. the increased frequency and severity of disasters over the past five years have made prices more volatile prices that owners of auto insurance since you can not move exactly your home out of danger
Sometimes less meteorological phenomena of interest cause the most damage. "people always think of hurricanes when they think of disasters, but some of our greatest losses from storms, hail, winter storms and tornadoes, "said McConnell.
the insurers adjust prices based on the amount of damage you experienced particular state. If your state does not suffer much, you can usually wait little or no increase.
3. Construction costs of a shortage of materials: Even if a disaster occurs on the other side of the country, it can still have an impact on the rate of owners your neighbor. Indeed, widespread damage causes a shortage of building materials, which increases the price for everyone. (Labor shortage increases the cost of construction projects as well.)
4. Changes in previous reductions: Finally, your neighbor might have seen an increase in his bonus if the owners some of his cuts have been reduced or expired. For example, a new home rebate will decrease as a home years.
ERIE offers many home insurance values and reductions to offset premium increases. * For more information, visit or contact a erieinsurance.com ERIE Agent .
insurance question you puzzled? Then email Eriesense@erieinsurance.com for possible inclusion in a future column Ask ERIE.
* Discounts are subject to eligibility criteria and the applicable rates and rules. Actual savings vary.
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