What can cause a home’s insurance rates to rise?

Multiple claims or major issues found during inspections can indeed lead to a rise in a home’s insurance rates. Insurance companies assess risk based on the history of claims and any significant problems identified in inspections. When a homeowner files multiple claims, it signals to the insurer that the property may have recurring issues or higher risks associated with it. This can result in increased premiums as the insurance provider recalibrates their risk assessment and adjusts rates accordingly. Additionally, major issues discovered during inspections, such as significant damage or code violations, can also lead insurers to view the property as a higher liability, prompting them to raise insurance rates to account for the potential costs they may incur if further claims arise.

Other factors, while they can also affect insurance rates, are not as directly tied to the homeowner's specific history of claims and problems as this factor is.