Today, claims are more prevalent, and repairs and replacements are more costly.
Here are some of the factors that may influence premiums going forward:
- Material goods for new residential construction prices up 14.3% Oct ‘21–Oct ‘22 1
- Asphalt roofing materials prices up 14.5% Oct ‘21–Oct ‘22 2
- Prices for lumber and wood products up 6.2% Oct ‘21–Oct ‘22 3
- 18 separate $1B+ loss events from weather and climate as of Dec 2022 4
- 423,000 job openings in the construction industry as of Sept ‘22 5
Do you have any additional questions? Contact one of our agents who can help answer questions you have about insurance market trends, and assess your current coverages and discounts.
To speak with an agent in our local office, call us at 804-794-4500 or click here!
1 U.S. Bureau of Labor Statistics, Producer Price Index by Commodity: Inputs to Industries: Net Inputs to Residential Construction, Goods, October 2022; 2 U.S. Bureau of Labor Statistics, Producer Price Index by Commodity: Asphalt Felts and Coatings, October 2022; 3 U.S. Bureau of Labor Statistics, Producer Price Index by Commodity: Lumber and Wood Products, October 2022; 4 NOAA National Centers for Environmental Information (NCEI), U.S. Billion-Dollar Weather and Climate Disasters, (2022). https://www.ncdc.noaa.gov/billions; 5 U.S. Bureau of Labor Statistics, Job Openings: Construction, September 2022.