As we all find prices rising, what does that mean for your home and auto insurance coverage?
The quick answer is premiums will most likely be going up in the coming years. However, with those prices rising, you need to make sure your coverage accurately reflects current replacement costs.
Home inflation factors include:
- 26% increase in building materials
- 88% of construction firms are experiencing project delays
- 89% of contractors have difficulty finding workers
- 94% of Fortune 100 companies report supply chain disruptions
Auto inflation factors include:
- 15% increase in repair costs
- 12% increase in new car prices due to limited inventory
- 40% increase in used car prices
- 8.2% increase in hourly labor
- 30% increase in rental car costs
What does all of this have to do with insurance?
While replacement costs are increasing, we want to ensure you have the best coverage available. As renewals come through, we will do our best to reach out if we believe you need to increase coverage. However, if you meet any of these criteria, please let us know so we can update your coverage.
- You’ve made renovations to your home in the past year.
- Willing to increase your deductible to keep your premium lower
- You do not bundle your home and auto insurance through the same carrier
- You’ve made other large purchases that need insurance coverage
- You feel your coverage no longer matches your replacement cost
We know the insurance system can be challenging to navigate. We want to be your advisor as we put together the ideal insurance package for you. Reach out to us today and let us know if we can help with any home or auto insurance questions you may have.