--- title: My Homeowners and Personal Auto rates are increasing – What is going on?! description: "Understanding Rising Costs: Factors Behind the Increase in Auto and Home Insurance Rates. Find out why premiums are going up and what you can do about it." image: https://blog.concklin.com/hubfs/Imported_Blog_Media/real-estate-background-2022-03-30-04-56-46-utc.jpg --- [Skip to content](https://blog.concklin.com/blog/my-homeowners-and-personal-auto-rates-are-increasing.html#main-content) [facebook-f icon](https://www.facebook.com/ConcklinInsurance) [linkedin-in icon](https://www.linkedin.com/company/concklin-insurance-agency) [Twitter icon](https://twitter.com/ConcklinA) [youtube icon](https://www.youtube.com/channel/UC_HnJQ4S_USSxBJkauXwu6A) [**Contact Our Team **](https://insurance.concklin.com/compare-quotes#CLQuoteRequest) **[630-268-1600](tel:+16302681600)** **[Contact Our Team](https://insurance.concklin.com/compare-quotes#CLQuoteRequest)** ****[630-268-1600](tel:+16302681600)**** [![Concklin Logo-1](https://blog.concklin.com/hs-fs/hubfs/Concklin%20Logo-1.png?width=314&height=100&name=Concklin%20Logo-1.png)](https://insurance.concklin.com/) - About Us Show submenu for About Us - [Our Story](https://insurance.concklin.com/about-us-who-we-are) - [Our Team](https://insurance.concklin.com/meet-our-team) - [Contact Us](https://insurance.concklin.com/contact-us) - [Markets & Industries](https://insurance.concklin.com/industry-specific-insurance-programs) - [Business Insurance](https://insurance.concklin.com/business-insurance-coverage) - [Personal Insurance](https://insurance.concklin.com/personal-lines-insurance-coverage) - Life & Health Insurance Show submenu for Life & Health Insurance - [Life Insurance](https://insurance.concklin.com/life-insurance) - [Health Insurance](https://insurance.concklin.com/health-insurance) - Resources Show submenu for Resources - [Claims Resources](https://insurance.concklin.com/claims-resources) - [Cyber Resources](https://insurance.concklin.com/cyber-insurance-resources) - [Blog](https://blog.concklin.com/) - [Video Library](https://blog.concklin.com/video-library) - [Client Portal](https://insurance.concklin.com/client-portal) - [Make A Payment](https://concklin.appliedpay.com/) Open main navigation Close main navigation - About Us Show submenu for About Us - [Our Story](https://insurance.concklin.com/about-us-who-we-are) - [Our Team](https://insurance.concklin.com/meet-our-team) - [Contact Us](https://insurance.concklin.com/contact-us) - [Markets & Industries](https://insurance.concklin.com/industry-specific-insurance-programs) - [Business Insurance](https://insurance.concklin.com/business-insurance-coverage) - [Personal Insurance](https://insurance.concklin.com/personal-lines-insurance-coverage) - Life & Health Insurance Show submenu for Life & Health Insurance - [Life Insurance](https://insurance.concklin.com/life-insurance) - [Health Insurance](https://insurance.concklin.com/health-insurance) - Resources Show submenu for Resources - [Claims Resources](https://insurance.concklin.com/claims-resources) - [Cyber Resources](https://insurance.concklin.com/cyber-insurance-resources) - [Blog](https://blog.concklin.com/) - [Video Library](https://blog.concklin.com/video-library) - [Client Portal](https://insurance.concklin.com/client-portal) - [Make A Payment](https://concklin.appliedpay.com/) --- Jan 24, 2024, 12:00:00 AM # My Homeowners and Personal Auto rates are increasing – What is going on?! ![Picture of Amanda Yaniz](https://blog.concklin.com/hs-fs/hubfs/Amanda%20Yaniz.jpeg?width=50&name=Amanda%20Yaniz.jpeg) [Amanda Yaniz](https://blog.concklin.com/author/amanda-yaniz) Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://blog.concklin.com/blog/my-homeowners-and-personal-auto-rates-are-increasing.html) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.concklin.com/blog/my-homeowners-and-personal-auto-rates-are-increasing.html) [Twitter icon](https://twitter.com/intent/tweet?url=https://blog.concklin.com/blog/my-homeowners-and-personal-auto-rates-are-increasing.html) [envelope icon](mailto:?body=https://blog.concklin.com/blog/my-homeowners-and-personal-auto-rates-are-increasing.html) My Homeowners and Personal Auto rates are increasing – What is going on?! 3:11 The price of insurance continues to go up.  Here are some of root causes of these increases: - The U.S. experienced its costliest year ever in 2023 for catastrophic losses, with insured losses from these events exceeding $24.5 billion through the end of September 2023. - The cost of residential construction materials has stabilized as compared to previous years but continues to increase year over year. - The Health Research Institute is predicting a 7% increase to medical costs in 2024 - The cost of new and used vehicles and the cost to repair vehicles continues to increase. - Inflation continues to be a factor with the consumer price index showing an average increase of 9.1% - This list goes on… Property and Casualty insurance, which includes homeowners and personal auto insurance, is a promise to make you financially whole\* in the event of a covered [peril](https://blog.concklin.com/blog/what-perils-are-included-in-a-homeowner-s-policy.html). A [replacement cost policy](https://blog.concklin.com/blog/actual-cash-value-or-replacement-cost-what-it-means-for-your-homeowners-insurance.html) will pay for the cost of rebuilding, repairing, or replacing the damaged property using new materials, and current labor costs to bring the damaged property back to a like quality in the same location as it originally was created. Unfortunately, this means when costs of materials and labor increases, so too must your premium. ## Will this trend upwards continue? Probably – According to American Property Casualty Insurance Association incurred losses and loss adjustments increased 17.8% yet premium increased only 3.1% for auto and 8.4% for homes on average. Plus, there is no indication that costs of materials and services are going to decrease in the future and the weather predictions continue to be volatile. ## What if my rates didn’t go up? You may just be extremely lucky, or a rate increase is heading your way soon. Many carriers plan to implement the increase on renewal business starting in the summer, so if it misses you this year, it’s likely to catch up with you next year. ## What can you do about it? Many insurance carriers are actively looking for ways to keep premiums as low as possible by rewarding behaviors that offset risk or ease the cost of business. Look for discount you can apply such as paid in full, multi-policy, safe driver, anti-theft devices, and [telematics](https://blog.concklin.com/blog/what-are-vehicle-telematics.html). Talk to your independent agent about remarketing your policy to see if you can find a better rate with a new carrier. However, be advised that a lower initial rate will likely increase upon renewal as these increases are industry wide and not company specific. ## Recommended Next Steps It’s a good idea to review your policy as prices to repair or replace your vehicle and home continue to increase you could find yourself under insured, meaning if you experience a complete loss, your limits of liability may not be sufficient to cover the full cost of buying a replacement car or rebuilding your home. As your trusted advisors, we will do what we can to ensure that you’re fully covered in case of a loss. That’s why it’s always recommended to consult with your agent yearly to discuss your current status so we can get the best possible coverage in place for your needs. \*up to your limits of liability [Homeowners](https://blog.concklin.com/tag/homeowners), [Auto Insurance](https://blog.concklin.com/tag/auto-insurance), [Personal Lines Insurance](https://blog.concklin.com/tag/personal-lines-insurance) ## Related posts [![Computer screen showing graphs and charts](https://blog.concklin.com/hs-fs/hubfs/Imported_Blog_Media/analyze.jpg?height=200&name=analyze.jpg)](https://blog.concklin.com/blog/evaluating-risk-understand-of-commercial-insurance-underwriting.html) [Business Insurance](https://blog.concklin.com/tag/business-insurance) ## [Evaluating Risk: Understand Commercial Insurance Underwriting](https://blog.concklin.com/blog/evaluating-risk-understand-of-commercial-insurance-underwriting.html) ![Picture of Amanda Yaniz](https://blog.concklin.com/hs-fs/hubfs/Amanda%20Yaniz.jpeg?width=50&name=Amanda%20Yaniz.jpeg) [Amanda Yaniz](https://blog.concklin.com/author/amanda-yaniz) Jan 9, 2018, 12:00:00 AM Businesses are a bit like snowflakes: No two are exactly alike. This means there is no quick and... [Read more](https://blog.concklin.com/blog/evaluating-risk-understand-of-commercial-insurance-underwriting.html) [![Graphic of a handshake in front of a red car](https://blog.concklin.com/hs-fs/hubfs/Imported_Blog_Media/car_rental.jpg?height=200&name=car_rental.jpg)](https://blog.concklin.com/blog/rental-car-insurance-money-wasted-or-well-spent.html) [Auto Insurance](https://blog.concklin.com/tag/auto-insurance), [Personal Lines Insurance](https://blog.concklin.com/tag/personal-lines-insurance) ## [Rental Car Insurance: Money Wasted or Well-Spent?](https://blog.concklin.com/blog/rental-car-insurance-money-wasted-or-well-spent.html) ![Picture of Amanda Yaniz](https://blog.concklin.com/hs-fs/hubfs/Amanda%20Yaniz.jpeg?width=50&name=Amanda%20Yaniz.jpeg) [Amanda Yaniz](https://blog.concklin.com/author/amanda-yaniz) Mar 22, 2018, 12:00:00 AM Have you ever rented a car and felt awkward confusion when the representative asked you to accept... [Read more](https://blog.concklin.com/blog/rental-car-insurance-money-wasted-or-well-spent.html) [![Interior view of partially furnished basement](https://blog.concklin.com/hs-fs/hubfs/Imported_Blog_Media/basement.jpg?height=200&name=basement.jpg)](https://blog.concklin.com/blog/maintain-your-sump-pump-today-to-avoid-water-damage-tomorrow.html) [Homeowners](https://blog.concklin.com/tag/homeowners), [Personal Lines Insurance](https://blog.concklin.com/tag/personal-lines-insurance) ## [Maintain Your Sump Pump Today to Avoid Water Damage Tomorrow](https://blog.concklin.com/blog/maintain-your-sump-pump-today-to-avoid-water-damage-tomorrow.html) ![Picture of Amanda Yaniz](https://blog.concklin.com/hs-fs/hubfs/Amanda%20Yaniz.jpeg?width=50&name=Amanda%20Yaniz.jpeg) [Amanda Yaniz](https://blog.concklin.com/author/amanda-yaniz) Oct 24, 2017, 12:00:00 AM Images of Florida, Houston, Puerto Rico, and other hurricane-riddled areas serve as powerful... [Read more](https://blog.concklin.com/blog/maintain-your-sump-pump-today-to-avoid-water-damage-tomorrow.html) [![Concklin Logo](https://blog.concklin.com/hs-fs/hubfs/Concklin%20Logo.png?width=150&height=48&name=Concklin%20Logo.png "Concklin Logo")](http://concklin.com) [facebook-f icon](https://www.facebook.com/ConcklinInsurance) [linkedin-in icon](https://www.linkedin.com/company/concklin-insurance-agency) [Twitter icon](https://twitter.com/ConcklinA) [youtube icon](https://www.youtube.com/channel/UC_HnJQ4S_USSxBJkauXwu6A) - About Us - [Markets & Industries](https://insurance.concklin.com/industry-specific-insurance-programs) - [Business Insurance](https://insurance.concklin.com/business-insurance-coverage) - [Personal Insurance](https://insurance.concklin.com/personal-lines-insurance-coverage) - Life & Health Insurance - Resources - [Make A Payment](https://concklin.appliedpay.com/) --- REQUESTING COVERAGE DOES NOT GUARANTEE COVERAGE CAN BE PROVIDED.  COVERAGE CAN BEGIN ONLY WITH SPECIFIC STATEMENT BY A LICENSED MEMBER OF CONCKLIN INSURANCE AGENCY. MISSTATEMENTS OR OMISSIONS OF RELEVANT INFORMATION CAN LEAD TO PRICE VARIATION OR EVEN DECLINATION OR RESCISSION OF COVERAGE. NONE OF THE INFORMATION PROVIDED ON THIS WEBSITE IS A GUARANTEE THAT INSURANCE WILL BE PROVIDED OR THAT CONCKLIN INSURANCE AGENCY IS OBLIGATED TO PROCURE INSURANCE FOR ANY WEBSITE VISITORS. 240 S. WESTMORE MEYERS ROAD, LOMBARD IL 60148 630-268-1600 | [CONCKLIN@CONCKLIN.COM](mailto:concklin@concklin.com) [Privacy Policy](https://insurance.concklin.com/privacy-policy) Copyright © 2026, Concklin Insurance Agency ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Amanda Yaniz", "url" : "https://blog.concklin.com/author/amanda-yaniz" }, "dateModified" : "2024-07-15T15:04:20.401Z", "datePublished" : "2024-01-24T06:00:00.000Z", "headline" : "My Homeowners and Personal Auto rates are increasing – What is going on?!", "image" : [ "https://blog.concklin.com/hubfs/Imported_Blog_Media/real-estate-background-2022-03-30-04-56-46-utc.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.concklin.com/blog/my-homeowners-and-personal-auto-rates-are-increasing.html", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.concklin.com/hubfs/Concklin%20Logo.png" }, "name" : "Concklin Insurance Agency" } } ``` ```json { "@context" : "https://schema.org", "@id" : "https://blog.concklin.com/#website", "@type" : "WebSite", "alternateName" : "Concklin Blog", "description" : "Insurance articles, risk management guidance, business insurance resources, personal insurance tips, cyber liability information, restaurant insurance insights, franchise insurance guidance, and coverage education from Concklin Insurance Agency.", "inLanguage" : "en-US", "name" : "Concklin Insurance Agency Blog", "publisher" : { "@id" : "https://insurance.concklin.com/#organization" }, "url" : "https://blog.concklin.com/" } ``` ```json { "@context" : "https://schema.org", "@id" : "https://blog.concklin.com/#blog", "@type" : "Blog", "description" : "Articles and resources from Concklin Insurance Agency covering business insurance, personal insurance, restaurant insurance, franchise insurance, cyber liability, claims, coverage questions, and risk management.", "inLanguage" : "en-US", "isPartOf" : { "@id" : "https://blog.concklin.com/#website" }, "name" : "Concklin Insurance Agency Blog", "publisher" : { "@id" : "https://insurance.concklin.com/#organization" }, "url" : "https://blog.concklin.com/" } ``` ```json { "@context" : "https://schema.org/", "@id" : "https://concklin.com/blog/my-homeowners-and-personal-auto-rates-are-increasing.html", "@type" : "VideoObject", "author" : { "@type" : "Person", "name" : "Amanda Yaniz" }, "datePublished" : "2022-04-12", "description" : "The price of insurance is going up - personal auto is seeing an increase on average 3.1% and homeowners is even higher, averaging 8.4%. What is the extra money covering? Here are some of root causes of these increases:", "embedUrl" : "https://youtu.be/Fpo28tbof0c", "name" : "My Homeowners and Personal Auto rates are increasing – What is going on?!", "uploadDate" : "2022-04-12" } ```