What is Your Home Worth?
According to the National Home Builders Association, “lumber prices have skyrocketed more than 300% since last spring, causing the average price of a new single-family home to increase by nearly $36,000. Similarly, the average price of a new multifamily home has increased by nearly $13,000 over the same period.”
Reduced supply with increased demand have caused the increase. Because the price of building materials has increased dramatically, the cost to repair or rebuild your home, business, or other structures following a loss may be significantly higher than the amount of coverage you currently have in place.
If a major loss does occur, there is the possibility of an unanticipated out-of-pocket expense because of this unusual increase in repair costs. As we continue to see construction material costs increase in the building industry, you must take time to review and look at the impact on your insurance protection and risk. You can contact our office to schedule a review with your agent to discuss increasing your dwelling limit on your homeowners’ policy.