You didn’t file a claim. You didn’t move. You didn’t change your coverage. So why does your renewal notice look so different from last year?
You’re not imagining it and you’re not alone. Insurance premiums have risen nearly 46% since 2021 — roughly three times the rate of general inflation — and the reasons have very little to do with anything you did. Here’s what’s actually driving it.
The costs to rebuild and repair have gone up:
Materials, labor, and supply chain disruptions have made it significantly more expensive to fix or replace homes, vehicles, and commercial property. When claims cost more to pay out, carriers adjust premiums to keep pace.
Weather events are becoming more costly:
More frequent and more severe storms, wildfires, and flooding have led to billions in insurance losses nationwide. Even if you live somewhere that hasn’t been directly affected, the industry-wide impact shows up in rates everywhere.
Medical costs are rising:
Auto insurance includes coverage for medical expenses after an accident. As healthcare costs climb, so does the cost of those claims — and that gets reflected in your premium.
Your carrier may have repriced your area.
Insurers constantly reassess risk by geography. If your zip code has seen more claims activity, you may see a rate adjustment even if your own record is spotless.
So what can you actually do? More than you might think. Shopping your coverage with an agent is one of the most effective ways to make sure you’re getting competitive rates across multiple carriers — not just the renewal price from your current one.
At Mark Weedin Insurance, we work with a range of trusted carriers, which means we can shop on your behalf and find coverage that fits both your needs and your budget. If your bill went up, let’s take a look together.
