If you’re a homeowner, you might wonder how this affects your bottom line. Here’s a look at how current trends are reshaping the homeowners insurance landscape Via ForbesAdvisor
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.We hoped for a return to normalcy in 2021. And while many of us resumed visiting with family and friends, traveling and going back to the office, the pandemic has had an enduring influence on certain aspects of our lives beyond our physical and mental health.
On the surface, that may not mean much to you. After all, if you’re not planning on building a new home or have a renovation project in the works, you might think a hiccup in the construction business doesn’t affect you. “Because of supply chain issues, tight material and labor markets, and inflation, it pays to think about buying increased protection when it comes to home insurance,” says Greg Pannhausen, head of Countrywide Homeowners Product for Farmers Insurance., if your insurer offers them. These coverage types give you some extra cushion if there’s a rise in construction costs.The annual rate of inflation from November 2020 to November 2021 was about 6.8%, according to the U.S.
Make sure you have replacement cost coverage on your homeowners policy. This coverage pays to replace your damaged items with new items. If you currently have actual cash value coverage, you’ll get reimbursed only for the depreciated value of items.to assess whether your current level of personal property coverage is sufficient. Remember, this coverage is for all your furniture, clothes, decorations and random belongings.
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