Home Insurance Increase Following Car Purchase
I recently traded in my old car for a new one while having both my cars and home insured with Erie. When I added the new vehicle, they reassessed my policy and, to my surprise, my homeowner’s insurance increased by 37%. I’ve never made any claims on my home insurance, so I’m baffled as to why getting a new car would even impact my home policy.
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It’s certainly frustrating to see such a significant increase in your homeowner’s insurance after buying a new car, especially when you have a clean claims history. Insurance companies sometimes re-evaluate your entire policy when you make a change, like adding a new vehicle, because they assess the overall risk. New cars can sometimes be seen as an increased liability, which might lead them to adjust other aspects of your coverage, including your home policy.
I recommend reviewing your policy details to understand how this re-rating occurred. Additionally, it may be worth reaching out to your insurance agent to discuss your concerns and see if there are options to bring the cost down, such as adjusting coverage limits or exploring other bundling discounts. Shopping around for quotes from other providers could also help you find a better deal. Don’t hesitate to advocate for yourself; you deserve a fair rate!