Inflation & Homeowners Insurance | Acrisure Viewpoints

March 29, 2022
Inflation Homeowners Insurance Acrisure Viewpoints

Inflation & Homeowners Insurance | Acrisure Viewpoints 


Inflation is dominating U.S. headlines. According to Forbes, inflation stands at 7.9% inflation as of February and experts project continued climbs in the second quarter. This is apparent on store shelves, in climbing home prices, and especially when we fill up the gas tank – but do you know the implications for insurance?

With many new homebuyers entering the market, understanding the relationship between inflation and homeowners insurance is critical. So, too, is having a Partner who can help you make important decisions for your home.

As the costs soar, so does the potential replacement cost of your home. That means that if your home suffers damage, the amount you have insured prior to inflation may not cover the actual cost of those repairs right now.

“Homeowners are doing their due diligence and unfortunately still don’t have the coverage to pay for repairs,” said Michael Holzman, Vice President and COO of Cumbre, an Acrisure Partner. “I attribute this to the rising cost of materials and labor. If the unexpected happens, those additional costs become a burden for the homeowner. The best course is to work closely with your broker to ensure you have the right protection to weather a storm and stand strong on the other side.”

Fortunately for homeowners, Partners like Cumbre and others across Acrisure are well-versed in these and other implications on coverage. Find an Acrisure Partner today to get started.



Important Information:
For additional information, please visit our website at Acrisure.com. Products or services identified herein may not be available in all jurisdictions. The information and descriptions contained herein (a) are not necessarily intended to be complete descriptions of all applicable terms, conditions, and exclusions of the policies referenced, (b) are provided solely for general informational purposes, and (c) should not be viewed as a substitute for legal, regulatory, or other advice on any particular issue or for any particular reason. The advice of a professional should always be obtained before purchasing any insurance product or service, and you should not rely on the information provided herein for the prevention or mitigation of risks or as a full and complete explanation of coverage under any insurance policy. While the information contained herein has been compiled from sources believed to be reliable, no warranty, guarantee, or representation, either expressed or implied, is made as to the correctness or sufficiency of any representation contained herein.

© Acrisure, LLC. All rights reserved.
 
 

Share a Story

Have you noticed a trend in financial services? Curious how
we craft our content? Looking for Acrisure to comment in
the media?

 
 

We use cookies to personalize and enhance your experience on our site. Visit our Privacy Policy to learn more. By using our site, you agree to our use of cookies.

I Agree