Increase Cost to Rebuild Has Resulted in Homes Being Underinsured
Inflation, supply chain issues and increase demand for skilled labor and construction material following unprecedented natural disasters in the last two years have contributed to a significant increase to rebuild homes. It is for these reasons that many homeowners could be left underinsured if a catastrophe strikes. Only 30% of homeowners have purchased more insurance or increased coverage limits to compensate for rising building costs, according to survey conducted by the Harris Poll. Additionally, among insured homeowners who completed renovations or remodeled during the pandemic, less than half updated their home insurance to account for these changes. If you are concerned about being underinsured, contact our office at (401) 769-9500. We have the tools and resources to help you determine the amount of coverage needed for your home.