You can attribute MOST of that increase to the increase in costs of materials to rebuild or repair your home. Any visit to Home Depot to compare today's prices of lumber, dry wall, mortar, PVC pipe, plywood... anything in fact, to prices only a couple of years ago and you'll see huge increases. Also, labor costs are up.
So to cover those potential costs if the insurance company has to replace or repair your home, that's why premiums are going up. I feel your pain, my home insurance is way up too, and I live in relatively safe east Tennessee.
You can attribute MOST of that increase to the increase in costs of materials to rebuild or repair your home. Any visit to Home Depot to compare today's prices of lumber, dry wall, mortar, PVC pipe, plywood... anything in fact, to prices only a couple of years ago and you'll see huge increases. Also, labor costs are up.
So to cover those potential costs if the insurance company has to replace or repair your home, that's why premiums are going up. I feel your pain, my home insurance is way up too, and I live in relatively safe east Tennessee.
Yup, my HO insurance went up almost $600 this year. It is attributed to an increased replacement cost of $150k.