As construction costs are remaining high with ongoing inflation in the United States, Land Management Partners Insurance Agent Rachel Kunkle says larger jumps on dwelling coverage in Homeowners Policies are being seen:
“I know everyone has heard a lot about inflation and we are definitely seeing with our Homeowner’s Policy much larger jumps on the dwelling coverage. In a normal year, most is around 4%, but we are seeing an increase anywhere from 10 to 20%. That is definitely going to affect your premium. We encourage everyone to reach out to their agent if they have questions on it or take a close look at them, but construction costs are remaining high and companies to make sure if there is a major loss, that you would be able to rebuild at current price levels.”
Serving Monmouth and the surrounding area, LMP Agency can be contacted at 309-734-2116.
**Written by WMOI/WRAM Director of Communications Kelsey Crain**
