Seeing an increased price on anything you need is never a great feeling. While many factors could increase your home insurance
costs, it’s true that generally speaking, home insurance premiums are on the rise. Over the last decade, premiums have risen considerably. The average cost of homeowners insurance premiums rose from $880 to $1,249** between 2009 and 2018. That’s an increase of about 42%.
The last few years haven’t diverted from this trend. In addition to the ongoing COVID-19 pandemic’s devastating effects on public health, it’s also resulted in supply chain shortages and steep inflation. As a result, insurance premiums in some states rose an average of 20 to 30 percent in 2021.
That same article goes on to explain one aspect of why that is. If something happens to your home, you need to be able to rebuild it, and to rebuild now amid widespread shortages of labor and materials (which are now more expensive) will inevitably cost more. This increased cost to rebuild your home in a worst-case scenario, in turn, affects the price of home insurance premiums.
Hopefully, in time, inflation rates will cool off, and our home insurance premiums will, too. Until they do, you can make sure you’re getting the best price for the right policy with the Jerry
app. It only takes about a minute to answer a few questions, and then you can compare multiple quotes from top insurance companies. Jerry’s friendly, experienced agents are also here to answer any questions you have that may come up along the way.