"Construction costs on single-family homes were up nearly 17% in 2022, yet our survey found that just 14% of homeowners increased their insurance limits or added coverage features to account for this," Pat Howard, licensed property and casualty insurance expert at Policygenius, said in a release. (Credit: bilanol/Adobe Stock)
Most homeowners (56%) haven't reviewed their property insurance policy during the past 12 months and just 9% have adjusted their limits to account for growing construction costs and inflation, according to Policygenius.
Further, the online insurance marketplace reported just 33% of homeowners are "very sure" their policy limit is high enough to cover the full replacement of their home.
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