There are a few reasons you might see a price change when you receive the invoice for your renewal term. The most common reasons for pricing changes at renewal are outlined below, but this list is not all encompassing depending on your unique situation.
Why did my surety bond premium decrease?
- If your renewal bond term is shorter than your last bond term, your price decreased accordingly.
- If your bond is underwritten and your financial situation improved since your last term, you might qualify for a lower premium.
- Your market might offer your same bond at a lower price point this year, which means rates can decrease for all clients regardless of their personal qualifications.
Why did my surety bond premium increase?
- If your renewal bond term is longer than your last bond term, your price increased accordingly.
- If your bond is underwritten and your financial situation worsened since last year, your market might charge a higher premium this year.
- Sometimes markets change their underwriting and pricing requirements due to the previous year's losses, which means rates can increase for all clients regardless of their personal qualifications.
SuretyBonds.com represents the country's top surety markets. We're always looking for the lowest premiums in the industry for every single bond we sell. We start shopping renewals 3-4 months before the next term starts and send your invoice as soon as we've found the lowest premium available.
If you have a question about the renewal process or need help renewing a bond at this time, call 1 (800) 308-4358 or email firstname.lastname@example.org, and one of our friendly representatives will walk you through the next steps.