if the policy is purely a liability coverage there is not much justification for an absurd price increase unless you have expanded the operation
if the policy is coverage for structures, we are seeing+/- 20% value increases for replacement per year. The policy’s limitations should be increased to reflect the increased cost to replace. A policy’s face value coverage needs to be at least 80% of the actual replacement to provide full coverage.
There is a State Oversight agency in Every State where general insurance rate increases have to be approved/adjusted, What does your state’s agency say about rate increases?
My guess is agent fees are being increased by your provider, these fees are unregulated.
When we changed carriers to more transparent provider we found the friendly yearly calendar we got from our provider was costing us about $2,000 per year. We had been with the company for a long time (way too long) but the rates at first increased just a little bit unlit getting one of those what the hell bills. The shock was enough to look at other providers, then the shock was seeing how much I was overpaying