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Home > Blog > Rate Pressures in the home insurance marketplace are on the rise...and here is why
THURSDAY, JUNE 9, 2022

Rate Pressures in the home insurance marketplace are on the rise...and here is why

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

 

Posted 6:06 PM

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