Travelers Home And Marine Insurance Company Claims – Many people in this economy can expect their homeowner’s insurance rates to go up this year — along with the cost of materials and supplies.

There are several factors behind the growth rate Severe weather events continue to cause severe damage and costly insurance claims Rising costs of building materials, supply chain issues and incomplete jobs are driving up costs for home repairs.

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In this article, we’ll explain some of the main factors that increase home insurance rates and what you can do to help rein in your costs.

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As the home insurance industry deals with rising loss costs, here are some factors that could affect premiums going forward.

US Bureau of Labor Statistics, Producer Price Index by Materials: Inputs to Industry: Residential Construction, Materials, October 2022;

This material is for informational purposes only All statements herein are subject to the terms, exclusions and conditions of applicable policies For an exact description of all coverages, terms and conditions, refer to the insurance policy Coverage, limits, packages, discounts and other features are subject to individual insureds meeting our underwriting qualifications and state availability. Not all features are available in all cases Not all available features are listed

© 2023 The Compensation Company All rights reserved. and the Umbrella logo are registered trademarks of The Indemnity Company in the United States and other countries.

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Hurricanes, floods, hurricanes, wildfires and other severe weather events are becoming more frequent, destructive and costly. As of October 11, 2022, the United States has sustained 15 severe weather events, each with losses exceeding $1 billion.

As weather-related losses increase, so does the overall cost of insurance Insurers typically adjust rates on a state-by-state basis based on actual and anticipated weather-related losses.

Another key consideration when pricing homeowner’s coverage is the cost to repair or rebuild the home in the event of damage.

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Limited supply and rising prices continue for most building materials Consider this sample of price increases between October 2021 – October 2022:

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The construction industry is facing a skilled labor challenge, resulting in additional costs along with wages, supply chain issues and other construction issues.

Current market conditions that affect your insurance premiums may be out of your control, but there are steps you can take to keep the cost of your homeowner’s coverage under control:

Current market conditions are challenging for homeowners Catastrophic weather events and shortages of building materials and skilled labor contribute to price increases and rate fluctuations But there are some factors within your control when it comes to the premiums you pay – it’s smart to take advantage of them

1 https://www.ncdc.noaa. Price Index by Product: Lumber and Wood Products, October 2022 4 US Bureau of Labor Statistics, Producer Price Index by Product: Asphalt Felts and Coatings, October 2022 5 08/31 / construction-labor-shortage-risks-damaging-infrastructure-projects-most-contractors-struggle-0 6 US Bureau of Labor Statistics, Job Openings: Construction, September 2022 7 US Bureau of Labor Statistics, Construction Workers and Helpers, September 2022

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Smart home technology offers ease and convenience It can also help protect your home and reduce home insurance costs

If your home is not insured at its estimated replacement value, your homeowner’s policy may not cover the full cost of rebuilding.

Here’s what’s typically included in a homeowner’s policy, and some other things to consider based on where you live and what you own.

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There are benefits when you choose to bundle your car, home or other insurance policies Get a quote today to see how much you can save when you buy multiple policies with .Home This is your safe haven This is where you raise your family and create memories that last a lifetime You can help protect this valuable asset with homeowner’s insurance that fits your priorities and your budget.

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When you’re sure you have the coverage you need to help protect your home and personal belongings, you can focus on the little moments. Getting a home insurance quote today is quick and easy

Homeowner’s insurance can help protect you from the unexpected It can help cover repairs or replacements, temporary housing, legal fees and more if your home is damaged, your belongings are stolen or someone is injured on your property.

A homeowner’s policy is recommended for anyone who owns a home or condo and may be required by your mortgage lender. You will need separate coverage to protect your home and personal belongings from damage due to floods or earthquakes

An umbrella pops out from under the screen Text, Homeowners Insurance The text, home insurance, appears in a search bar

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A mouse cursor hits search A red house logo pops up in a box The box is replaced by a shield outline and dollar signs surround it on either side

Your home is probably your biggest investment Your homeowner’s insurance can provide financial protection in a number of ways, such as if your home or personal property is damaged, if you or a family member is legally responsible for the injury of others or damage to their property.

The home icon is on fire on the roof A family outline is changed by a judge The following figures appear as a descriptive coverage list A hand signs a document and the house gets a check mark next to it, a hammer hits a nail, the house returns with a fire, a clock gets a check mark next to it, a dollar bill falls into an open hand, a T-shirt, a couch, and a TV appear. , a garage gets a check mark, a fence breaks down, a hospital gets a check mark, a dollar bill appears, a dolly carries a box, a person gets a check mark next to them, a hand is cast, and a house window. breaks

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Most home policies include the following coverages – Dwelling coverage, to repair your home if it is damaged due to natural disasters, such as fire; Personal property coverage to reimburse you for damaged or destroyed contents of your home, such as clothing, furniture, and electronics; Other structure coverage, for damage to detached structures such as garages and fences; Loss of Use Coverage, housing and living expenses if you have to move out of your home if it is being repaired as a result of a covered loss; And liability coverage, if you are responsible for injuring other people or causing damage to their property

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Logo, text, . Legal Disclaimer: The information in this video is general in nature Any description of coverage is necessarily simplified Whether a particular loss is included depends on the specific facts and the actual policy provisions, exclusions and limitations Nothing in this video changes the terms or conditions of any of our policies. You should read the policy for a complete description of coverage Coverage options, limits, discounts, and deductibles are subject to state availability and individuals who meet our underwriting criteria. Not all features are available in all states Insurance The Indemnity Company and its Property Causal Affiliates, One Tower Square, Hartford, Connecticut. In California, underwritten by Home Insurance Standard Fire Insurance Company, One Tower Square, Hartford, Connecticut 06183, Certificate of Authority No. 3545, State of Domicile: Connecticut. Home insurance in Texas and Washington is written by private insurance companies All of the underwriting companies listed above are located at One Tower Square, Hartford, Connecticut 06183.

Copyright 2022 The Compensation Company All rights reserved. and the Umbrella logo are registered trademarks of The Indemnity Company in the United States and other countries.

A representative can help you determine the homeowner’s coverage that best fits your needs and budget, but a general policy can cover:

Be sure to explore options to customize your limits and coverage to meet your needs Your homeowner’s insurance policy includes the following categories of coverage to help keep your home and property properly protected.

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Some examples of the types of perils that homeowner’s coverage can help pay for to repair or rebuild your home include:

Personal property coverage can pay for personal items in your home that are damaged or destroyed by a covered cause of loss, which may include:

Liability coverage can help protect you in the event of a claim and can provide a defense during a lawsuit if you or a member of your family is responsible for someone else’s bodily injury or property damage.

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You can save on your home insurance with a multi-policy and no-loss discount You can also save if your home is equipped with the right smart home technology, security and fire protection equipment. There are many insurance discounts you can consider when you research homeowner’s insurance coverage to meet your individual needs. Consider the following opportunities to save on your home insurance

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Plus, when you have three

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