My liability insurance premium has been going up, but this year it almost DOUBLED–and we’ve had 0 claims. Do I have any recourse?
Katherine Lawrence asked 3 weeks ago 1 Answers
Hi Katherine,
Yikes, no one wants to get that renewal notice!
Unfortunately, insurers are generally permitted to increase premiums even if you have not filed any claims. Premiums are based on many factors, including statewide or regional catastrophe losses, inflation, rebuilding costs, reinsurance costs, and the insurer’s overall experience, not just your individual claims history.
Your best recourse is to shop around and compare quotes from other insurers, while carefully comparing coverage, not just price. A lower premium may come with reduced coverage or higher deductibles, so it’s important to review the policy details before switching. If your current insurer has made significant changes to your coverage or rating, ask them to explain the reasons for the increase and whether there are any discounts or policy adjustments that could reduce your premium.
United Policyholders offers guidance on shopping for insurance and understanding your coverage through Get an Insurance Check Up.
Good luck, UP Staff
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