Homeowners Insurance Cost Adjustments

What are the factors that impact your homeowners insurance rates and coverage? Most companies will adjust your coverage and increase your rebuild limits from year to year. You may have asked yourself what factors and by what amount your coverage will increase. Here are some recent statistics taken from a top rated insurance company on the build costs that have been impacted over the past few years.

Copper Pipe & Tube- 88% Increase

Plywood- 74% Increase

Fuel (oil/gasoline)- 72% Increase

Steel- 60% Increase

Lumber- 54% Increase

Asphalt Shingles- 33% Increase

Cement/Concrete- 23% Increase

As the cost of these resources has increased, it’s important to incrementally increase your coverage from year to year. Some companies charge more for these increases and use different calculator tools. Give us a call with any questions or to discuss your coverage needs.

Phone: (928)800-5630

Email: lucas.flood@aibme.com

141 S McCormick St 113 Prescott, AZ 86303