Why Covid Means Higher Home Insurance Costs: Via ForbesAdvisor
uple finally found a builder, but they have to stay home waiting for workers who show up sporadically, stay a few hours, then leave for another job.
Despite the surge in homeowners insurance rates, many in the industry feel that the Covid crisis is manageable. “Covid-19 premium insurance effects will eventually wane,” says Bob Hertel, who handles product development for Acuity Insurance. “Material and labor shortages will likely catch up with demand and these trends are already occurring.”
While President Biden says Omicron is “not a cause for panic,” the World Health Organization has so far said its risk is “very high” and could lead to surges with “severe consequences.” In testimony to Congress on the last day of November, Federal Reserve Chairthe familiar threats: Omicron could “intensify supply-chain disruptions” and “slow progress in the labor market.”
The “dwelling” coverage limit stated on your home insurance policy is the maximum amount your insurer will pay to rebuild your house. If your dwelling coverage limit doesn’t reflect current labor and material costs—and you experience a disaster such as a house fire—guess who has to make up the shortfall when insurance isn’t enough? That’s right, the burden falls to the homeowner.While Covid isn’t the only problem, it amplifies the other issues confronting insurers.
Friedlander adds that in his home state of Florida, only three of its 52 local insurers have shown a profit.What if Covid continues, along with horrific weather events like Hurricane Ida, which crossed the country from Louisiana to New York City in 2021, causing 95 fatalities in the U.S. and more than $65 billion in damage?
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