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