Rising home insurance is like a timed bombshell to customers!
A new financial year! If nothing, you must have surely noticed a steady rise in your home insurance premiums . In fact, a humungous surge! You are not the only one. Statistics show the same. But this could also be because with the rising income, there are more items to buy cover for. You may have just upgraded your car, or brought home a new member to the family (health insurance for that member) and suchlike. But a great many people have said that it’s the insurance firm that is hiking the premiums.
Insurance providers too are not lacking in their sob stories. Many home insurance schemes come with inflationary clauses keeping in mind the increasing prices of resources, land and related labor. Due to rising number of natural calamities and personal accidents, the claims have increased manifold. And since the firms tend to bear the lion’s share of the claim expenditures, it makes sense to them to levy bigger premium amount.
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