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Historic Inflation

By January 16, 2023April 27th, 2023No Comments
Why you may need more home and auto coverage this year.

Inflation is not new, but 2023 we are seeing unprecedented levels. WHY?

Home Inflation Factors Include:

  • 26 % increase in building materials
  • 88 % of firms experiencing
  • 89 % of contractors having difficulty finding workers
  • 94 % of Fortune 100 companies report supply chain disruptions

Auto Inflation Factors include:

  • 15 % increase in repair cost
  • 12 % increase in new car prices due to limited inventory
  • 40 % increase in used car prices
  • 8.2 % increase in hourly labor
  • 30% increase in rental car costs

Has your coverage kept up with inflation?

Rising replacement costs means what used to be covered by your policy may no longer be sufficient. This can impact everything from the cost to rebuild your home to the amount of rental car coverage you’ll need to avoid paying out of pocket.

For example: Bill’s policy has $500,000 in coverage A to rebuild his home. However, Bill may now need $600,000 in coverage with the jump in materials and labor costs.

Review your policy with laurie campos Insurance & Consider

  1. Increasing your coverage to avoid potential gaps in the current market
  2. Any renovations you made this past year
  3. Higher deductibles ( $1,500 on auto, $2,500 on home ) are becoming more common
  4. Current policy discounts
  5. Bundle your home, auto, and other coverages for better pricing
  6. Laurie Campos Insurance will always shop for you when necessary.
  7. LC Insurance works for YOU, not the companies.
  8. Call or text us, 419-794-7377

Sources: NAHB, AGC, Accenture, U.S Bureau of Labor Statistics, AutoRentalNews, CCC Intelligent Solutions, CNBC

This material is provided for informational purposes only and does not provide any coverage.