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Owning a home is a good long-term financial decision. While it can be a good idea to own your own property, it is also a very expensive asset that needs to be protected by home insurance. When you have a home insurance policy in place when you buy your home, you may notice that your rates increase over time. There are several reasons why Newark, NJ homeowners may see their home insurance rates increase.
Claims Filed
One of the main reasons why your insurance rates will increase from one year to the next is that you could have filed a claim in the prior year. Whenever you file a claim on your home insurance policy it will make you appear like a riskier customer going forward. The home insurance provider will then increase your rates to compensate for that rate increase.
Aging Home
Another reason why your rates will increase is that your home is getting older. Older homes tend to provide more risk to insurance companies. As your home gets older, the likelihood that you will file a claim will increase. Because of this, the insurance company will increase rates to compensate.
Change to Environment
Home insurance companies are frequently analyzing changes in weather trends, floods, crime, and other expense hazards. If your home is suddenly considered to be located in an area that poses more risk than before, the insurance company will likely increase your home insurance rates to offset the increased risk.
For those that are in the Newark, NJ area and are seeing an increase in home insurance rates, contacting the E.S.T.I.R. Inc. could be a great option. E.S.T.I.R. Inc. will be able to help you build a great policy that meets your needs and also comes with a fair rate.