Homeowners insurance affordability has deteriorated over the last two decades, driven by frequency and severity of natural disasters, economic conditions, rising construction costs and litigation, according to a new Homeowners Insurance Affordability report by the Insurance Research Council (IRC).
Tag: construction costs
Insurers, Adjusters and Contractors Can Benchmark Performance Against Trends with Verisk’s 2021 Property Report
As volatile construction costs persist, a historical view of trends paired with up-to-date pricing better equips insurers, adjusters and contractors to understand the impact of these costs on losses. Verisk’s 2021 Property Report for the United States provides insights into property insurance trends for benchmarking. The report analyzed 7,606,375 assignments totaling $68.5 billion in losses… Continue reading Insurers, Adjusters and Contractors Can Benchmark Performance Against Trends with Verisk’s 2021 Property Report
What Can Clients Do About the Rising Cost of Home Insurance
The cost of insuring a home is on the rise, forcing Americans to make tough decisions about whether to cut back on coverage or make big changes to save their wallets. The nationwide average annual premium for homeowners insurance is $1,398 today, as estimated by trade group Insurance Information Institute. The group says that from… Continue reading What Can Clients Do About the Rising Cost of Home Insurance