What Does It Mean If Your Insurance Premium Increased? 

You’re not alone if you’ve recently noticed that your insurance premium has increased. Many New Jersey residents experience changes in their insurance costs. At M.L. Ruberton Agency, we understand how frustrating it can be to see your bill increase, and we’re here to help you understand why it happens and what you can do about it.

Why Do Insurance Premiums Increase?

Insurance premiums can rise for a variety of reasons, many of which are outside your direct control. Some of the most common factors include:

• Claims history: If you’ve filed claims recently, insurers may see you as a higher risk, which can lead to higher rates.
• Changes in coverage: Adjusting your policy, such as increasing coverage limits or adding endorsements, can result in a higher premium.
• Market conditions: Rising repair costs, medical expenses or increased claim frequency in New Jersey can impact everyone’s rates, even if you haven’t filed a claim.
• Personal factors: Changes in your credit score, driving record or moving to a new area can influence your premium.
• Regulatory changes: State insurance regulations or requirements updates may also affect pricing.

How We Help You Manage Insurance Costs

Our team at M.L. Ruberton Agency is committed to helping our clients navigate these changes. Here’s how we can assist:

• Policy reviews: We regularly review your coverage to ensure it still fits your needs and budget.
• Rate shopping: We compare options from multiple carriers to find competitive rates for your situation.
• Cost-saving strategies: We look for discounts, bundling opportunities and other ways to help you save.
• Personalized advice: We explain the factors affecting your premium and answer any questions you have about your policy.

Contact us today at M.L. Ruberton Agency to schedule a policy review or discuss your options.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.