Industry News

Report: millions of homeowners may be underinsured

Photo by Kostiantyn Li on Unsplash

REALTOR Magazine

Homeowners’ insurance premiums have climbed by 34% in some states, according to a new study by QuoteWizard, a site operated by LendingTree. What’s more, increases in home prices and building material costs may have made many homeowners underinsured.

The cost of rebuilding a home is about $36,000 more now than in 2020, the LendingTree study finds.

“The last two years have been a tumultuous time in nearly every aspect of life,” the QuoteWizard study says. “This is also true for homeowners insurance. There’s no way to tell exactly how many of the nation’s 85 million homeowners are currently underinsured.” But the study urges homeowners to check their policies because rising home prices and building material costs, as well as inflation, may mean owners need to recalculate the amount of coverage needed for their home.

Keep reading: Millions of Homeowners May Be Underinsured

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