Factors driving homeowners insurance costs:
- Construction & inflation: Rising materials prices increase rebuilding costs, raising premiums.
- Extreme weather: Higher rates in disaster-prone areas due to hurricanes, fires, floods.
- Replacement costs surge: Up 55% from 2019 to 2022, directly impacting premiums.
- Credit & claims: Poor credit or frequent claims raise risk perception, increasing rates.
- Property changes: Additions like pools increase property value, raising premiums.
- Location & age: Older homes and disaster-prone areas face higher rates.
- Labor costs: Rising labor expenses inflate repair and rebuilding costs, impacting premiums.
