Rates are up for home insurance all over the country and here are some reasons why....
Not only are claims more prevalent but repairs/replacements are more costly
Material Goods for new residential construction prices are up 18.6% over the past year3
Lumber and wood products prices are up 6.2% over the past year1
Asphalt roofing materials prices up 16.3% over last year2
18 weather-related disasters with losses of $1B+ in 2021 to date4
358.000 job openings in the construction industry as of Aug 20215
1U.S Bureau of Labor Statistics, Producer Price Index by Commodity: Lumber and Wood Products, Oct 2021; 2U.S. Bureau of Labor Statistics, Producer Price Index by Commodity: Asphalt Felts and Coatings, October 2021; 3U.S Bureau of Labor Statistics, Producer Price Index by Commodity: Inputs to Industries: Net Inputs to Residential Construction, Goods, October 2021; 4National Centers for Environmental Information, U.S. Department of Commerce, Oct 8, 2021; 5U.S Bureau of Labor Statistics, Job Openings: Construction, September 2021