When you live in West Hartford, CT, it’s important to know what goes into your home insurance premiums. The last thing you want to do is spend more than what’s necessary. Unfortunately, premiums do go up from time to time. However, our goal at ALLConnecticut Insurance is to help keep premiums affordable throughout the year.
Changes to the Home
Throughout the time you live in your home, you may make changes periodically. For example, you may decide to add in in-ground pool. While this provides value to your home, it also as potential liability, which means that it may cost you more on your home insurance policy. The same goes for anything else that will add value for potential liability, such as a shed, detached garage, or various other structures.
Changes in Regulations
The Connecticut Insurance Department is in charge of regulating all of the insurance that takes place throughout the state. This includes identifying what can be charged to consumers as well as the laws and regulations that insurance companies have to operate within. Occasionally, there are regulations that could cause home insurance to go up, which means that it would go up across the board, regardless of which company you work with.
Claims
Unfortunately, things happen throughout life. There may be a storm, a break-in, a fire, or something else that would require you to file a home insurance claim in West Hartford, CT. When this happens, it may be inevitable that the insurance company raises your rates. This is because they now need to make up for the claim and will charge you more financially. As for how much your premium will go up, it is typically dependent upon how much the company had to pay out for your last claim.
Learn more about home insurance and how to keep premiums affordable by contacting an independent insurance agent at ALLConnecticut Insurance today.