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How The Pandemic Hiked Homeowners Insurance Rates


The pandemic has had a significant and obvious impact on our economy in various ways. Almost every area of our society felt the effects of this unique period, which ranged from labor shortages to large-scale plant closures.

In the real estate market, we've seen a rise in demand and an increase in home values, both of which have been attributed to growing work-from-home habits. Of course, other market segments are seeing price hikes as well, with homeowner's insurance being a major source of concern.

According to the Numbers

According to Bankrate's study, the average cost of homeowner's insurance in 2022 will be $1,393 per year for a dwelling with $250,000 in coverage. With a 6 percent increase from the average annual premium of $1,312 in 2021, insurance is on track to surpass inflation in the next years. As a result of COVID, homeowner's insurance premiums in places such as California, Florida, and Louisiana increased by 20 to 30 percent annually.

This dramatic increase in the cost of homeowner's insurance results from several causes. Given that labor and material costs are at an all-time high, the trickle-down effect has significantly impacted the insurance sector in recent years.

Homeowner's Insurance: A Look at the Numbers

Four main components are a direct result of the COVID directive:

  • An increase in the price of raw materials
  • Shipping delays resulted in the materials not arriving on time
  • Labor costs have risen as a result
  • A major decline in qualified laborers

Considering the replacement costs connected with these economic stumbling blocks, you can expect premiums to have risen by 10 percent to 20 percent since 2019. Even as early as 2020, the insurance firms foresaw this happening. They started making adjustments as early as the summer of 2020, and now rates are growing at an alarming rate with each passing month.

As a result, how does this translate into increased homeowner's insurance premiums?

As a result of COVID, fewer people are entering the workforce, increasing the demand for the cost of labor. Material costs rise due to a reduction in the number of people who produce them. Shipping delays are increasing as a result of fewer employees working. After all, is said and done, the replacement cost of a $400,000 property jumps to $480,000, with the resulting 20 percent increase being passed on to homeowners in the form of premium hikes. It's COVID Economics 101, as they say.

The good news is that it is completely reversible. In contrast to the long-term repercussions of inflation, these generally short-term economic hiccups could be resolved within a few months of their occurrence. I'm crossing my fingers.

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