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We will be closed for Memorial Day and will be back to our usual hours on Tuesday the 28th.

Look for our new office. We are in the same building only downstairs now.

Property Insurance Rate Increases

Property Insurance Rate Increases


Modern homes and real estate prices – Rising housing prices and more homes that have high-end features like pools and hot tubs drive up replacement costs and liability claims.

Finished basements with electronics – Because of higher-priced building materials, finished basements cost more to repair if there is a sewer backup or other damage. Plus, it is more likely that finished basements contain expensive valuables like electronics and furniture.

Eco-friendly, but not budget-friendly – Newer homes with environmentally friendly features like solar panels, energy efficient windows and doors, and high-efficiency appliances are more expensive to repair or replace.

Aging municipal infrastructure – Outdated municipal infrastructure and a higher demand for water make sewer backups more frequent, resulting in more damage-related claims.

Your claims history changed – If you have had to make a claim, you may lose out on a claims-free status discount. Making multiple claims could also lead to a surcharge on your premium.

Neighborhood trends put you at greater risk – When neighborhoods grow, it alters demographics and risks. Maybe a new bar has increased the potential for crime, or a new subdivision has altered city infrastructure which are some factors insurers look at when assessing risk.

Extreme weather events and catastrophes are more frequent – Forest fires, floods, storms, and other events are becoming more frequent and cause expensive damages, resulting in more claims and rising insurance costs.

Emergency services, skilled trades, and personal belongings are more expensive – As with any goods or services, inflation means higher prices for things like emergency services and labor costs for repairs. That means paying for claims is more expensive, too.

Interest rates – insurers often offset underwriting losses with investment income to generate profitable results. When interest rates are relatively low (as they have been), investment income declines, which in turn causes upward pressure on rates to make a profit.


At the Insurance Place of WY, we have access to a wide selection of some of the best insurers in the country, most of whom do not sell directly to the public. With that said, it is important to remember that we work for you, our client, and not for the insurance companies that we represent. Simply put, we put your interests first.

As your agent, it is our job to provide you with expert and unbiased advice. When it comes to insurance, we are always available to discuss your personal needs and recommend options based on your specific situation. While we cannot control the rates that insurance companies charge or the overall market conditions, we can regularly look to get you the best deal available from our portfolio of offerings.

If you have questions or concerns about your insurance or are curious about your options, please contact the Insurance Place of WY and we will be happy to assist you. Even if we cannot find a market offering a better rate than what you currently pay we can provide impartial advice on how to customize your policy (factoring in your budget and risk tolerance) to better meet your individual needs.