Home insurance premiums rising faster than inflation
(KYMA, KECY) - Home insurance premiums for the new year appear to be rising faster than inflation.
According to the Insurance Information Institute, the average homeowner may see a 4% increase on the cost of their homeowner's policy for 2022.
In fact, since 2017, premium rates are up more than 11% on average, which means they are rising faster than inflation.
Factors such as natural disasters and rising costs for raw materials like lumber and supply chain issues are making the replacement cost for a home soar.
