Based on data accumulated from years past, there are certain patterns that show which areas are expected to face a higher frequency and severity of weather-related claims.
Depending on your location, you can expect to face increases in your insurance rates based on the type of claim and expected payouts for your region as shown by the infographic below:
This map, a compilation of data collected throughout the past 10+ years, shows what each area of the country is most likely to face in terms of extreme weather. Those who are on the Atlantic coast could see higher wind and hail deductibles due to the increased likelihood of facing tropical storm damage. The West Coast will likely see more insurance restrictions regarding buildings The cost of lumber also saw a spike in 2021, and while prices have pretty much stabilized, the increased inflation rates, along with supply-chain demands, have caused replacement costs to go up. Because of supply- chain requirements, it is taking longer to receive the materials needed to rebuild, which in turn increases the cost of labor as more time is devoted to rebuilding. SPIKES IN COST OF LUMBER
made of flammable materials depending on proximity to wildfire-prone areas. The Midwest is more susceptible to severe storms and flooding, so properties in that area could face higher water damage deductibles and higher flood costs.
According to construction industry experts, more than 2 million construction workers are needed over the next three years to meet demand. The combination of fewer materials readily available coupled with labor shortages leads to scenarios where the possibility of a rebuild happening in three months can now take up to six months or longer.
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