The Rathbun Agency Blog

All You Ever Wanted to Know About Insurance

Why Are Home Insurance Premiums on the Rise?

As we see home insurance premiums on the rise, several trends are driving up prices, including:

  • Big storms - There were sixteen storms and climate disasters in 2017 that exceeded $1 billion in damage.
  • Material and labor costs - Just in the last year, lumber costs alone have increased by 17%
  • Costs of a claim - The average cost of a homeowners claim now exceeds $11,000 and is up over 30% since 2011.