"The housing market, the cost of materials, and the cost of labor were on the rise even before COVID-19. We're now seeing those increases reflected in the estimated replacement cost of the home (Coverage A), which ultimately drive increases in insurance premiums, among other factors," said Ben Magick, of Matic Insurance Services, Inc. "While homeowners with lower FICO scores experienced a disproportionate increase, they are receiving better coverage and the gap between premiums and Coverage A is closing." (Credit: Victor Moussa/Shutterstock)
While they don't have the highest average premiums, senior homeowners are the most susceptible demographic to overpaying for home insurance, according to premium trend research by Matic Insurance Services, Inc., which also found consumers with low credit scores are being disproportionately impacted by growing home insurance rates.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
