When your home insurance renews each year, have you noticed that it seems like the rate increases? While the rate increase may not be a lot all the time, it can add up over time. Why are your rates increasing, and what can you do to bring those prices back down? There are many factors that play into your insurance premiums. Some of these factors can be controlled, but unfortunately, other factors cannot be controlled. Keep reading to learn some of the many reasons why your home insurance rates may increase year after year.

A Claim Was Filed

If your insurance premium increases, the first place you should look is your claims history. Regardless of how small, a claim can result in a significant rate increase. Any kind of claim can result in a premium increase, including water damage, house fires, theft, and liability.

You Lost Some Discounts

When you notice that your rates have increased, you should take a look at your renewed policy and see if there are any discounts that you normally have that were not applied. For instance, if you normally have a safety device discount but failed to submit proof of them, then the discount may have been removed. This is an easy discount to get applied back to your premium. The same is true for a good student discount. Simply contact your insurance company and submit the proper documents.

A Swimming Pool or Trampoline Was Added to Your Property

Swimming pools and trampolines are referred to as attractive nuisances. The same is said of slides, swing sets, treehouses, and the like. They are all fun to have and can attract guests, but they can also be a burden and result in personal injuries. Unfortunately, they may invite passersby into your yard for a good time, and although they trespassed onto your property, there is still a chance that you can be held liable if they suffer any injuries.

Your Credit Score Decreased

A lot of states that permit insurance companies to use your credit score when determining your insurance rates. You will benefit from a lower premium if your credit score is higher. Therefore, if your credit rating decreases, then there is a very good chance that your homeowners insurance will increase. Luckily, if you make sure to keep your bills paid on time and maintain a minimum credit card balance, then you can raise your credit score.

For more information on homeowners insurance rates, contact your home insurance provider.