There are many factors that go into the rating of your policy. One of those is the base rate your insurance company files with the state. Everything is calculated off the base rate and insurance companies usually adjust their rates at least once per year. There will be a rate effective date buried somewhere within your policy but you may not see it easily.
They will adjust their rates based on their experience for the last year and they can go up or down depending on how the claims have been. You'll also see the coverage A(dwelling) get adjusted every year. As construction costs change, so will the coverage on your home(just a hint, they usually don't go down). Then there are a few other factors that may affect your rates: insurance score, claims, changes in coverage or deductibles. They all go into the rating calculation.
Do yourself a favor and read your renewal(you'd be surprised how many people don't). You'll be able to track what's happening and look for anything that might not be right. If you have a question, talk to your agent. He/she should be happy to go through it with you.
David gives a good answer here to the many causes rates go up. But to very specific you will see rates change almost exclusively on renewal. So the When is usually at renewal. Occasionally an insurance department will deem an insurer unable to preform an put them in a situation where polices have to be cancelled mid term. I have only seen that once in 38 years in this business, but ultimately an insurers ability to pay claims is monitored by the individual states in which it operates and most importantly whee it is domiciled. Unfortunately in the US Insurers have typically lost money on homeowners business over the last 35 years. So, you can understand that many insurers see providing you with both auto and homeowners as an opportunity to make money> It is not by accident that there are some big name players who sell auto insurance, but little if any homeowners insurance.
Use the occasion of each renewal to reach out to your agent and apprise him or her of changes in your home. Be sure to tell him/her of your newly finished basement and other changes the agent has no knowledge of. The wrong time to find out you don't have enough coverage is after the major or total loss of your home.More so than any other purchase, your wealth is often tied up in your home, be protective of it !
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They will adjust their rates based on their experience for the last year and they can go up or down depending on how the claims have been. You'll also see the coverage A(dwelling) get adjusted every year. As construction costs change, so will the coverage on your home(just a hint, they usually don't go down). Then there are a few other factors that may affect your rates: insurance score, claims, changes in coverage or deductibles. They all go into the rating calculation.
Do yourself a favor and read your renewal(you'd be surprised how many people don't). You'll be able to track what's happening and look for anything that might not be right. If you have a question, talk to your agent. He/she should be happy to go through it with you.
Use the occasion of each renewal to reach out to your agent and apprise him or her of changes in your home. Be sure to tell him/her of your newly finished basement and other changes the agent has no knowledge of. The wrong time to find out you don't have enough coverage is after the major or total loss of your home.More so than any other purchase, your wealth is often tied up in your home, be protective of it !