It’s frustrating when you open your home insurance statement only to find out that your premium has spiked. You’re left asking “why are my home insurance premiums going up? I haven’t changed anything!”
The answer may surprise you. It’s important to understand home insurance increases, so we’ve put together some common factors that can drive up your home insurance costs.
Location, location, location 
No…your house didn’t magically get up and move. We’re talking about your home’s surrounding area. If the area around your home has become more prone to damaging thunderstorms, tornadoes, floods, or in Southern California’s case, drought and wildfires, you could face higher premiums.
The other way location could play a factor is if local building costs have dramatically increased. The majority of your premium is based on how much it would cost to replace your home should it be destroyed by a covered risk like a fire. Repairs are determined by multiplying the square footage of the home by local building costs, then adjusting that number to take into consideration for upgrades previously done to the home.
Additions to your home
If you’ve recently made any additions either inside or outside of your home, your home insurance premiums will spike. Certain home features can increase your premiums like pools, tree houses, trampolines, even a master bath soak tub! Increasing the square footage of your home means that it would cost more to rebuild, so you can be sure you’ll see an increase in your premium.
An Aging home
As your home ages, you can expect your home insurance premium to increase. The older a home is, the more vulnerable it is to plumbing, electrical, and heating and cooling system problems, as well as roof and structural damage.
Animals
Owning certain dog breeds or exotic animals can spike 
your home insurance premiums because you’ll need more liability coverage. According to the Insurance Information Institute, “in 2013, one-third of all home insurance liability claims involved dog bites and $483 million was paid out.”
Exotic pets are even more risky to own since they are considered wild, unpredictable animals. Insurance costs could see a significant hike in order to cover potential attacks.
Cesi Pagano
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