Insurance premiums are affected by inflation
Home insurance premiums are rising as a result of several pandemic-related trends. There has been a significant increase in our costs due to inflation, which means that we have had to raise our prices as well. Insurance firms consider industry trends like the number of claims and repair costs when establishing premiums. If costs rise, so will premiums.
The price of constructing materials and labor has gone up - Due to limited availability, the cost to repair and build dwellings has risen. These undoubtedly raised your property insurance prices.
Increased auto repair and labor costs - More people are driving older automobiles, requiring more maintenance. Increased demand and supply chain concerns are inflating vehicle part prices. Staffing shortages and higher labor costs are also increasing auto repair costs.
What steps can I take to ensure the safety of my family?
You have the final say in choosing the limits for your coverages, such as those for your dwelling or your personal property. However, we would like to assist you in making that decision so that we can ensure that your coverage is adequate to meet the ever-increasing expenses associated with repairing, replacing, or rebuilding the home.
Talk to us about your homeowner's policy if you want to be sure that you have adequate coverage, and we will gladly assist you in understanding what coverage you now have and what coverage you require depending on the cost to replace your home. You may want to check your home's replacement cost. Request an update. Choose a limit based on what you learn to defend against catastrophic loss.