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| *Loan,banking and credit>>>homeowner insurance |
Why did my homeowners policies go up after the california insurance comm.said they would go down statewide? |
i have 4 homeowners policies with one of the insurance carriers that agreed to decrease rates statewide on both auto and current homeowners policies.after receiving my statements i noticed my premiums went up at the same rate they have been going up anually for years. Starts with June renewals. OK, you can't live in four houses at the same time. So THREE of them are rental units, seasonal, or otherwise NOT primary homeowners policies. When CA says the rates go downward, they do . . . on AVERAGE. In some places, they can still go up. Also, even though the RATES went down, your RATING CLASS could have changed, your PROTECTION CLASS could have changed, and your COVERAGE LIMITS chould have changed, thus resulting in a net higher premium. Your agent is the person to ask about this. They'll be able to tell you EXACTLY why the premiums are higher. agent, 21+ years Without being an agent in California and with no experience in insurance other than here on the east coast if can only offer the following generic explanation as to why the policies may have gone up: -Keeping pace with building costs and inflation- every year inflation goes up so your insurance company is probably bumping up the coverage slightly to keep pace with inflation, plus building costs in the area may also have gone up as well thus making it more expensive to rebuild your home thus upping the coverage -Companywide ratehike- bad claims experience accross the company may have necessitated an increase in premium by your insurer -Personal stuff- claims history, etc. Perhaps the aggreement was set to take affect a date after your policies had renewed? Hope this helped. |
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