There are many factors to consider
1) Modern homes and real estate prices
Rising housing prices and more homes that have high-end features like pools and hot tubs drive up replacement costs and liability claims.
2) Finished basements with electronics
Because of higher-priced building materials, finished basements cost more to repair if there’s a sewer backup or other damage. Plus, it’s more likely that finished basements contain expensive valuables like electronics and furniture.
3) Eco-friendly, but not budget-friendly
Newer homes with environmentally friendly features like solar panels, energy efficient windows and doors, and high-efficiency appliances are more expensive to repair or replace.
4)Aging municipal infrastructure
Outdated municipal infrastructure and a higher demand for water make sewer backups more frequent, resulting in more damage-related claims.
5) Your claims history changed
If you’ve had to make a claim, you may lose out on a claims-free status discount. Making multiple claims could also lead to a surcharge on your premium.
6) Neighborhood trends put you at greater risk
When neighbourhoods grow, it alters demographics and risks. Maybe a new bar has increased the potential for crime or a new subdivision has altered city infrastructure which are some factors insurers look at when assessing risk.
7) Extreme weather events and catastrophes are more frequent
Forest fires, floods, storms, and other events are becoming more frequent and cause expensive damages, resulting in more claims and rising insurance costs.
8) Emergency services, skilled trades, and personal belongings are more expensive
As with any goods or services, inflation means higher prices for things like emergency services and labour costs for repairs. That means paying for claims is more expensive, too