Insurance premiums rising faster than inflation

Rising Home Insurance Premiums (FILE)
Posted at 8:47 AM, Dec 27, 2021
and last updated 2021-12-27 11:47:20-05

(KERO) — With the new year just around the corner home insurance premiums for the new year appear to be rising faster than inflation.

According to the Insurance Information Institute, the average homeowner may see a four percent increase in the cost of their homeowner's policy for 2022. In fact, since 2017, premium rates are up more than 11-percent on average.

Factors such as natural disasters and rising costs for raw materials like lumber and supply chain issues are making the replacement cost for a home soar.