There can be several reasons why your property casualty premium is rising. Here are some common factors that can contribute to your raising insurance premium:

  1. Market Conditions: Insurance premiums are influenced by market conditions, including supply and demand dynamics, industry-wide losses, and economic factors. If there has been an increase in the number and severity of claims within your area or industry, insurers may raise premiums to compensate for the higher risk.
  2. Loss History: If you have filed claims in the past or experienced losses, it can impact your premium. Insurance companies consider your claims history when calculating your premium. If you have had recent claims or a history of high losses, the insurer may increase your premium to reflect the increased risk.
  3. Changes in Risk Factors: Insurance premiums are based on the risk associated with the insured property. If there have been changes in the risk factors related to your property, such as a significant increase in property value, changes in construction materials, or an increase in the frequency of natural disasters in your area, it can lead to a premium increase.
  4. Inflation: Inflation affects the cost of labor, materials, and replacement value, which can result in higher insurance premiums. As the cost of repairing or replacing damaged property rises due to inflation, insurers adjust premiums accordingly.
  5. Regulatory Factors: Changes in laws and regulations related to insurance can impact premiums. New regulations may require insurers to provide additional coverage or increase their reserves, leading to higher premiums.
  6. Underwriting and Rating Changes: Insurance companies periodically review their underwriting guidelines and rating structures. If the insurer has made changes to its risk assessment or rating methodology, it can result in higher premiums for certain policyholders.

It’s essential to review your policy and discuss your rising insurance premium with your trusted insurance provider to understand the specific reasons behind the change. They can provide you with detailed information about the factors contributing to the premium increase and offer suggestions to mitigate the cost if possible.

It’s also important that you work with an independent agent that uses stable reliable and quality insurance carriers.

Talk with your trusted independent insurance agent or if you do not have one, give us a call at 260.424.1555

Jeremy Hyde | Colligan & Company

*Courtesy ChatGPT with light editing
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About the Author: Jeremy Hyde

Christian, MK/PK, Brother, Husband of a magnificent wife, Father of three sons and two daughters, Insurance dork, Sports and Racing fan, Competitor, Coach, Early riser, Grill-man, Yearner of sand dunes and Lake Michigan, Owner of a Yorkie named Gerald, Wannabe basketball player, Reluctant handyman, Car enthusiast, Admirer of passion and excellence and design...

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  1. Gary July 21, 2023 at 1:19 am - Reply

    I really like your writing style, wonderful information, thanks for posting : D.

  2. Harriet Richardson August 8, 2023 at 8:46 am - Reply

    In fact no matter if someone isn’t aware of then its up to other viewers that they will assist, so here it occurs.

  3. Chad August 8, 2023 at 4:14 pm - Reply

    Yikes, yay it is going up

  4. Margreta September 27, 2023 at 5:27 pm - Reply


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