Rising Insurance Cost Factors

The cost of homeowners and landlord insurance rose significantly in the last few months. The factors that caused the overall rise include:

  • Area water damage claims
  • Inflation, both current and anticipated
  • Building materials - up 300% to 400%

With individual properties, factors that can increase the premium include:

  • Age of the property
  • Construction materials
  • Pool, spa, etc.

Certain personal factors can also impact the cost of insurance including:

  • Credit score
  • Claim history