Three reasons why your home insurance increased:

I'm Bob, a New Jersey-based insurance agent, and today we're going to break down those 3 reasons.

Number 1: the rise in catastrophic events across the country, which have increased reinsurance costs. Reinsurance is actually the coverage that insurance companies buy for really big claim situations. When that becomes more costly, it increases the rates for everyone involved, not just in the locations that have the catastrophes.

Number 2: an increase in building costs, both labor and material. Inflation is everywhere and it affects everyone because it takes more to rebuild your home today than it did a year ago. The cost of insurance for homes has increased.

Number 3: an increase in liability costs. Similar to reinsurance costs, the cost of lawsuits continues to rise, which makes the liability coverage on a home insurance policy more expensive. These are just 3 reasons why many people are seeing increases in their homeowners insurance. You can always call your local agent if you have any questions.

We'd be happy to review your insurance coverage options with you! Give us a call at 609-971-8300 or visit https://sharerandassociates.com.