May 2, 2023
Four Factors Affecting Insurance Rates
The last several months consumers have been feeling the pain at the pump, at the grocery store and in insurance costs. The consumer price index indicates a 6% increase in the index for all items from February 2022 to February 2023. There are many things that affect the price of insurance, but four factors we are going to focus on here are building materials, labor shortages, severe weather events and supply chain issues. Building materials: Building material prices have increased 33% since the start of the pandemic. It wasn’t long ago that the average cost to rebuild was approximately … Continue reading