Have you ever heard the phrase, “What have you done for me lately?” You may feel this way many times when dealing with your insurance company after having a claim. You may have had the same insurer for years or even decades and have never asked them for a penny. Then, after all that time, something happens, and you have a claim. The insurance company pays the claim, and then, when your policy renewal comes, you notice something you may not have been expecting — your premium has increased because of that claim. After all those years without a claim, how and why does this happen?
To explain — not justify — this scenario, a little Insurance 101 may be necessary, so let’s start there. You can also watch my video about this:
