Insurance premiums increase due to a number of factors, including the cost of claims, the risk of loss, and the overall economic climate. When these factors increase, so do insurance premiums.

Simply, the more is costs to pay for losses, the more it costs to cover possible losses.

Together with high-value goods, and floods, there are other things not covered which might surprise you. For instance, if pests such as rats enter your home and damage appliances, you may not be covered since you could have prevented the pest from entering your home. General wear and tear isn’t usually covered, nor is a build-up of mold.

Collision coverage provides reimbursement for damage to your vehicle after you’ve been in a car accident in which there is no fault or you are at-fault. Comp provides reimbursement for a set of named perils that include, fire, hit an animal, falling object, car get’s struck by lightning and more.