X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
"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 Madick, 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) “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.

Policyholders in the 43-55 age bracket saw the highest average home insurance premiums. However, the average premium for seniors does not drop proportionately. A failure to regularly check home insurance policies and accept annual premium increases, which can add up over time, result in seniors overpaying, Matic reported.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.