The trick with insurance coverage pricing, is that many insurance companies will escalate your price slightly greater than the rate of inflation. Now you won't notice it at first, because sometimes the first year renewal is lower, but you will notice that over time, your current policy is higher than the original policy plus the rate of annual inflation. This increase means that they are creating excess economic profits over the initial sale, which is why companies focus on customer retention so much. As a consumer, your best bet is to shop your insurance coverage every three (3) years to get back to the current new policy rate.
Yes, I have done product insurance pricing in my financial career, and watched the actions and the results. A 1% increase over the rate of inflation creates a 5% premium to the marketplace in 5 years. . . .
sportsguy