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