Top Reasons Insurance Companies Raise Policyholder Rates
The Morgan Law Group P.A., our Florida, Louisiana, Mississippi, and Puerto Rico insurance claims attorneys know that home and business owners take great care to pay their insurance premiums to ensure their coverage is in effect if or when damage occurs to the property.
Property owners rely on their insurance coverage to make them whole again after flood, fire, or hurricane damage. What they typically do not anticipate is the rising insurance premiums that may accompany their coverage.
Unfortunately, increased rates are not unusual in the insurance industry.
Here are the most common reasons why property owners may see an increase in their policy premium.
There Are New Risks Associated With the Property
When the risks associated with a property increase, a premium increase may follow.
New risks may include installing a swimming pool or fireplace or getting a dog or an exotic pet the insurance company deems as potentially dangerous.
Other risks can include buying luxury goods, including jewelry or artwork, which increases the coverage requirements.
A Decreased Credit Score
Increased debt, decreased income, missed or delinquent payments, can cause a property owner’s credit score to decrease, which may cause the insurance company to increase the policyholder’s premium to help protect themselves.
Properties At Risk for Natural Disasters
Property owners do not necessarily need to file a natural disaster claim to see an increase in their policy’s premium.
The reality is, just being in an at-risk area — where hurricanes, wildfires, or other natural disasters frequently occur — may result in increased insurance premiums.
Contact The Morgan Law Group, P.A. Today To Schedule a Free Consultation
At The Morgan Law Group, P.A., our insurance claims attorneys believe that if you pay for insurance coverage, it should be there when you need it. If the insurance company delays, undervalues, or denies your claim, contact our experienced insurance claims attorneys in Florida, Mississippi, Louisiana, and Puerto Rico at 888-904-2524 to schedule a free consultation and learn how we can help you pursue the outcome you deserve from your insurance policy.