Your homeowners insurance is responsible for keeping you, your loved ones, and your property protected. As one of the most important types of coverage, homeowners insurance is a must-have.
However, you may notice upon coverage renewal that your insurance premium, or overall cost of your homeowners insurance policy, goes up. Here are three reasons why that might happen:
- Rising Materials Costs
When the cost of raw materials rises your homeowners insurance premium gets higher too. In recent years the cost of lumber has gone up significantly, which is a contributing factor when considering rising homeowners insurance premiums.
- Labor Shortage
Another factor that may cause your homeowner insurance premium to rise is labor shortages that make your home more expensive to build, repair, or remodel. Carpenters, roofers, and electricians are all currently in demand.
- Extreme Weather Events
Severe weather conditions and weather events, such as hurricanes, tornadoes, wildfires, etc. can increase your homeowners insurance premiums. To offset increasing premiums, ask your insurance company about potential discounts.
Have questions about your insurance premiums? Looking to change your policy? We are here to help!
At Beck Insurance Agency we are proud to serve homeowners insurance in Perrysburg, Toledo, Sylvania, OH, Defiance, OH, Delta, OH, Waterville, OH, and the surrounding areas. With options in basic homeowners insurance for your primary residence to comprehensive homeowners insurance for your vacation home, and more, we have all the home insurance solutions you need to stay protected from a wide range of threats.
Getting homeowner insurance coverage for the first time? Need to update your policy? Whatever the need, we are here to alleviate the headache and work on your behalf to ensure that your needs are met. Contact us today to learn more about homeowners insurance in Perrysburg, Toledo, Sylvania, OH, Defiance, OH, Delta, OH, Waterville, OH, and the surrounding areas.
