Why your home insurance increases every year?
Why is the price of your home insurance increases every year?
That's a good question!
You may have noticed that every year a contract and equal guarantees your home insurance premium increases.
There are three major reasons for this:
1) Your home insurance premium is mainly composed of three parts. First, the state tax all contracts to supply a guarantee fund. This fee is fixed and is taken on all contracts. The insurer is just collecting this tax it must pay back to the state, so when the tax increases, your premium increases. FYI this year the tax has increased by 3%.
2) Then there is the insurer who must of course make money. So that the insurer make profit, it must report on his sinister premium is obviously <1 if the insurer loses money.
The problem with this type of contract is that in general, the premium is low compared to the costs of claims that can happen. A classic premium of 200 € / year will have a S / P very positive from the first water damage which costs € 1500 for example ...
The insurer may react in two ways: either strongly encourage you to go to competition to date ... or it increases the price of any portfolio.
3) Finally, what few people know is that insurance is a global market. Indeed, I think that you currently following the disaster that hit Japan. Most people are aware that insurance premiums will go up in Japan but that no doubt is that your premiums to you too will increase because of this catastrophe!
Indeed, each insurer the obligation to have a re insurer (to put it simply it is the insurance of insurance ...). 4 in the world are re main insurer Munich Re, Swiss Re, Lloyd's and Berkshire Hathaway. These four companies provide "much of the world." Suppose the re insurer of your insurance Swiss Re and Swiss Re provides property in Japan, Swiss Re will increase its premiums and thus mechanically your premiums will be impacted ...
Well-known example of the World Trade Center tower was provided by Munich Re and Swiss Re each other so without knowing you pay part of the disaster ...
Unfortunately I think you've noticed that for 10 years the number of disasters is increasing .... AZF, Tsunami, Tornado, Earthquake, Terrorism ... insurance are not close to down ...
Why is the price of your home insurance increases every year?
That's a good question!
You may have noticed that every year a contract and equal guarantees your home insurance premium increases.
There are three major reasons for this:
1) Your home insurance premium is mainly composed of three parts. First, the state tax all contracts to supply a guarantee fund. This fee is fixed and is taken on all contracts. The insurer is just collecting this tax it must pay back to the state, so when the tax increases, your premium increases. FYI this year the tax has increased by 3%.
2) Then there is the insurer who must of course make money. So that the insurer make profit, it must report on his sinister premium is obviously <1 if the insurer loses money.
The problem with this type of contract is that in general, the premium is low compared to the costs of claims that can happen. A classic premium of 200 € / year will have a S / P very positive from the first water damage which costs € 1500 for example ...
The insurer may react in two ways: either strongly encourage you to go to competition to date ... or it increases the price of any portfolio.
3) Finally, what few people know is that insurance is a global market. Indeed, I think that you currently following the disaster that hit Japan. Most people are aware that insurance premiums will go up in Japan but that no doubt is that your premiums to you too will increase because of this catastrophe!
Indeed, each insurer the obligation to have a re insurer (to put it simply it is the insurance of insurance ...). 4 in the world are re main insurer Munich Re, Swiss Re, Lloyd's and Berkshire Hathaway. These four companies provide "much of the world." Suppose the re insurer of your insurance Swiss Re and Swiss Re provides property in Japan, Swiss Re will increase its premiums and thus mechanically your premiums will be impacted ...
Well-known example of the World Trade Center tower was provided by Munich Re and Swiss Re each other so without knowing you pay part of the disaster ...
Unfortunately I think you've noticed that for 10 years the number of disasters is increasing .... AZF, Tsunami, Tornado, Earthquake, Terrorism ... insurance are not close to down ...
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