Auto Home Owners Insurance Quotes - TGS Insurance » Homeowners Insurance » Reasons for Home and Auto Insurance Rates to Increase in 2022 Why Home and Auto Insurance Rates Are Rising in 2022
Thanks to the unusual convergence of market trends caused by the pandemic and other disruptions, you may see a bigger change in home and auto insurance rates than usual when it comes time to renew your policy this year.
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Insurance premiums are based on how much the insurance company thinks it will cost you to treat a loss—whether it's roof damage during a storm or total vehicle damage during a car accident. As you've probably noticed, almost everything costs more than it did a few years ago.
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If you've shopped at Home Depot or Lowe's lately, you've probably noticed that the prices of building materials have skyrocketed. Last year alone, construction materials prices rose by 14.1%, with lumber playing a large role in this trend, which has more than tripled since March 2020.
To make matters worse, the homebuilding industry is facing a shortage of at least 200,000 skilled workers, driving up construction labor costs. Combined with the high cost of building materials and historically low housing stock, this makes housing claims much more expensive for insurers.
The ongoing shortage of microchips and other critical parts such as cables, plastics and glass makes it more expensive to repair or replace a vehicle after an accident.
Supply chain problems are quickly depleting new and used car inventories. Inventories have reached a critical low point, falling 87% between 2020 and 2022. As a result, the average price of new cars rose by 14% over the same period, while used car prices soared by 55%.
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At the same time, traffic accidents are becoming more frequent and severe, which increases the number and costs of car damages. In the first six months of 2021, nearly 2.5 million people suffered injuries that required medical attention. The number of accidental deaths in January 2022 was 14% higher than in January 2020.
Keep in mind that savings come in many forms. The value of coverage you choose today can save you more in the long run than the lowest possible premium. That being said, there are also several ways to mitigate the impact of rising interest rates:
Want to save some time? Contact us to review your current coverage or start a new quote: a current home insurance quote or a car insurance quote. We'll help you explore discount options that could offset higher home and auto insurance rates when it's time to renew.
Sources: National Association of Realtors, Federal Reserve Bank of St. Louisa, Institute of Home Builders, National Association of Home Builders, Nasdaq, US Department of Commerce, Consumer Price Index, National Security Council, New York Times is America's top rated insurance comparison platform. We work with leading national insurance companies and are authorized representatives in all 50 states. However, the insurance professionals who write our content work independently of our partners, and you can learn more about how we make money by viewing our advertising posts. Also see reviews from over 3,000 satisfied customers, our data methodology and our editorial standards.
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Jackie Cohen is an editorial manager specializing in educational content on property and casualty insurance. He has years of experience analyzing insurance trends and helping consumers better understand their insurance so they can make informed decisions about their finances. Jackie's work has been cited in USA Today, The Balance, and The Washington Times.
Tanveen Vohra is an editorial manager specializing in property and casualty writing. Tanveen works to help consumers better understand the components of their insurance policies so they can make smarter purchasing decisions. Tanveen's work has been cited by CNBC, Fox Business, Business Insider, Fortune, and Market Watch, among others.
Living expenses are difficult to reconcile. But when it comes to financial security and peace of mind at home, you shouldn't compromise. Home insurance is the first step to protecting your real estate investment. The problem is that buying a home insurance policy often leads to complicated insurance jargon, confusing coverage limits and unclear pricing structures.
Helps homeowners compare the best home insurance deals. We will guide you through the complex decisions to ensure that your family and your home are always protected.
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Comparing home insurance prices with an online comparison platform like this is the easiest way to find the best and cheapest cover.
Whether you're just window shopping before your first home purchase or ready to switch and save on your next homeowner's insurance policy, it's important to understand how much you should expect to pay. Check out this list of average annual premiums from some of the top insurance companies in the country.
The easiest and safest way to compare home insurance quotes is to use a top-rated home insurance comparison site like , but it hasn't always been that simple.
Historically, buying home insurance has been a long and frustrating process. Homeowners were forced to fill out multiple forms for each insurance company. They spent hours on the phone negotiating with insurance agents and dealing with bait and switch prices, long wait times, and numerous spam calls and emails following their inquiries.
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Now homeowners can save time and money when they compare home insurance quotes at . Simply fill out a short questionnaire about your home and coverage preferences. will present you with realistic offers from the best domestic insurance companies. Unlock discounts and switch between coverage options to choose the best option for your home.
Home insurance companies consider a number of factors to determine how much cover they will offer you. If your home is in an area with a high risk of extreme weather or flooding, your application may be refused entirely. can help you find home insurance regardless of where you live or the risks your home is exposed to.
Geographic variables such as population density, crime rates and weather patterns can affect the cost of home insurance. More frequent natural disasters in your area may lead to higher home insurance rates due to the greater risk of serious property damage to your home. The more likely you are to make a claim, the higher insurance companies will charge you for coverage.
What is your home made of? Insurance for masonry homes is usually less than insurance for those made of wood, which is more flammable and prone to rot. Older houses with structurally unsafe foundations will also result in higher insurance premiums. Similarly, the value of your home will affect rates – adjusted items usually result in higher home insurance rates.
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Married? Single? Divorced? Who lives in your home? These details may affect your policy. If you work from home or spend a significant number of daily hours at home, you may benefit from lower homeowner insurance rates. This is because most residential burglaries happen during the day. If you are at home more often, insurance companies will shorten your break.
Insurance companies in most states are legally allowed to use your credit score as a scoring factor for homeowners insurance rates. In several states, companies are prohibited from denying coverage due to bad credit. If you have good or excellent credit, some homeowners insurance companies will grant you significant discounts on your coverage.
The higher the deductible you choose, the lower your premium will be and vice versa. Just be careful not to set your deductible higher than you can afford if you need to file a claim. Increasing your deductible to a reasonable amount can be a great way to lower your monthly homeowner's insurance costs.
Roofs are one of the most important elements of the structural integrity of the house. Insurers will want to know when your roof was last replaced and what material it was made of. Quality roofs prevent floods and other disasters from affecting your home during extreme weather conditions.
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Home insurance includes coverage that repairs or replaces your property if it is damaged by perils such as theft, fire or weather. Home insurance policies also cover medical expenses if someone is injured on your property. Some policies can even pay for expenses incurred when you accidentally damage someone else's property. The following coverages are usually standard depending on your unique home insurance policy.
This covers medical bills, lost wages and legal fees related to injuries that occur on your property, up to the predetermined coverage limits listed in your policy.
Your physical home and other facilities on your property (such as sheds and garages) are insured against theft, fire or other weather conditions. If you live in a high-crime area, in an area with frequent storms, or in a mobile home, expect to pay more for this type of coverage.
The value of items stolen in a theft or lost or damaged in a natural disaster may be reimbursed by your insurance company based on predetermined levels of personal property coverage. Keeping a detailed home inventory that focuses specifically on valuable items in your home can help
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