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Just 9% of home policyholders adjusted coverage to account for inflation

Only 44% of homeowners reviewed their property insurance policy during the past 12 months, Policygenius reports.

By PC360 Staff Writer | February 24, 2023 at 08:15 AM
“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) “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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