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How rising construction costs could impact your homeowners insurance

 

August 1, 2021



If you recently started a home improvement project, you probably have noticed the rise in construction costs. According to Verisk’s (ISO) most recent 360Value Quarterly Cost Update, total reconstruction costs increased 8.1% countrywide, on average, between January 2020 and January 2021. Lumber, iron, steel and labor costs all have increased in just a year. These drastic increases are not exclusive to building materials. These rising construction costs may have a significant impact on your homeowners insurance as well.

Homeowners insurance covers the cost to rebuild or repair your home af...



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