Why are homeowner premium increased since my last renewal

Why are Homeowner Premiums Increasing?

• Material costs. Lumber prices have been particularly volatile this year and are up 42% since September 2017.
• Labor shortage. Nearly 90% of contractors are having a hard time finding craft workers and 88% of firms are experiencing project delays.
• More disaster events. The increase in severe weather in 2021 caused 39% of all U.S. home insurance claims.
• Shipping delays. 95% of Fortune 1000 companies have reported supply chain disruptions from COVID-19.
• More expensive homes. Home interiors have become more upscale leading to higher replacement costs when damages arise.