We understand that getting your Homeowners Insurance Policy renewal and seeing your premium go up can be upsetting. The last couple of years have taken a toll on everyone and everything, including the cost of labor and materials when it comes to construction.
Attached is a map of the United States showing the percentage that reconstruction rates increased per State from January 2021 to January 2022. Insurance carriers have to take into account the increase in reconstruction costs when it comes to setting rates for Insurance policies.
It is important for you as the Insured to make sure that your Homeowners Insurance policy includes the necessary amount of coverage in the event that your home needed any sort of reconstruction. What it may have cost even 2 years ago to rebuild your home from the ground up, is not what it would cost today, and you do not want to be stuck without enough coverage to rebuild.
*Map sourced from Verisk.com*