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        • 420 Main Street E
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          Medford WI 54451
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          New Richmond, WI 54017
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The Rising Cost of Home Insurance

May 9, 2022 By Monte Burstad

home construction

According to III (the Insurance Information Institute), the average cost of home insurance increased to a record high of $1,398 last year. This, of course, placed an added burden on homeowners who were already struggling with inflation. Below we analyze the reasons for the situation and explain what a homeowner can do about it.

Why Are Home Insurance Premiums Increasing So Fast? 

To understand why home insurance premiums are rising faster than before, one has to know how insurance companies calculate the cost of insurance.

The majority of homes are insured for replacement value, i.e., how much it will cost the insurer to replace your home if it is completely destroyed. This amount depends to a large extent on the cost of labor and materials that go into constructing a home. Therefore, if there is a sharp increase in, e.g., the price of lumber or wages go up significantly, it will cost much more to repair or replace your home, and insurance companies will have to increase their premiums.

This is exactly what happened over the last couple of years. When COVID-19 hit the United States, lumber producers were afraid that the Great Recession would repeat itself. So they unloaded inventory and slashed production. But instead of dropping, demand went up dramatically. This mix of reduced supply and increased demand caused lumber prices to spike by 400% in a single year. The situation has worsened by the decision to increase the tariff on Canadian lumber from 9% to 18%.

Apart from that, the price of labor also increased sharply during the COVID-19 pandemic. Workers feared catching the disease, and many of them, particularly women, decided to rather stay at home. The pandemic also caused many people to look for jobs where their chances of contracting COVID-19 were less, while others chose to opt for early retirement.

Unusually severe natural disasters also affect the cost of home insurance. A home insurer is a business like any other, and if its actual expenses far exceed the projected amount, it could easily cause huge losses for insurance companies. The only way to recover those losses is by passing them on to policyholders and increasing insurance premiums. Last year’s hurricane season, for example, caused record losses in coastal states such as Florida and Louisiana. And the Colorado wildfires and the Texas freeze also caused massive losses for home insurers. All of these pushed up the cost of home insurance even further.

Do you Have Enough Coverage?

Because of the increased cost to replace or repair your home, it may be an excellent time to review the amount of coverage you have on your home. It could be that the increased cost of replacing or repairing your home now exceeds the amount of coverage you have in place.

There is also the consideration that if you were displaced due to a loss, the time it will take to repair or replace your home will exceed the amount of coverage you have to pay for a hotel or house rental while your home Is being rebuilt or repaired.

How Can Homeowners Keep the Cost of Home Insurance Low? 

Fortunately, there are quite a few things that homeowners can do to keep their home insurance premiums in check.

Ask us to look for a more competitive rate. We represent many of the top insurance firms. If your home insurance premiums are going up too fast, we can review your policy to determine what factors may be causing the increase.  We may also be able to recommend alternatives, that can better protect your home for a lower premium.

Increase your deductible. The deductible refers to the amount the homeowner has to pay when they submit a claim. Increasing this amount may help reduce your insurance premium.

Make your home more disaster-proof. You might be able to reduce your homeowners insurance cost by retrofitting things like more robust roofing materials and storm shutters. Updating your home’s plumbing, heating, and electrical systems can also cut the risk of fire and water damage. And having a better sprinkler system or burglar alarm installed could significantly reduce your home insurance premiums.

Final Thoughts on Home Insurance

Home insurance is a more complex topic than many people realize. The typical home insurance contract is filled with technical terms, and it’s easy to misunderstand some of the clauses. Making use of an independent insurance agent like us will help you to avoid many of the potential pitfalls and to get the best possible home insurance premiums. Feel free to contact us if you have any questions.

Author

  • MOnte Burstad
    Monte Burstad

    Monte Burstad is the owner and an agent at Burstad Insurance in Menomonie, Wisconsin. He can be reached at 715-235-6479.

    View all posts

Filed Under: Home

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Excellent
Burstad Insurance
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Margie M.
Outstanding service and very knowledgeable representative.
Jeremy B.
If I could give 0, I would
Eric C.
Do not do business here. We were mislead about the coverage provided to our business by Missy Kraemer. When this came to light, we went to change providers and find adequate coverage. Missy acted extremely unprofessional and refused to send us the documents we needed! She said it wasn't her job to help us. A terrible experience with a rude, unprofessional person. Do yourself a favor and find literally any other insurance provider.
Sam C.
After waiting a week for someone to get back to me about my request for quotes, they sent me an email saying “We can’t find you coverage because you have a pitbull mix dog. Sorry.” Which doesn’t make sense because somehow I currently have insurance and I’ve gotten 3 quotes on my own now that will all cover my dog. Complete waste of time.
Jr S.
Such nice people I love the insurance rates so amazing.
carrie M.
Thanks for your always friendly and fast service! I appreciate what you do!
Kathleen T.
Bursted has had my business for years. When I lived in town, I appreciated stopping in to get quotes so I could talk to the owner about business and community. The staff is helpful and friendly, and I appreciate how patient they are when answering my questions about insurance. Insurance is not my favorite adult chore to tackle, but everyone at Burstad makes me feel like I’m connected to a human that knows how to explain what will serve my needs. They’re also a brokerage and have the ability to check multiple providers at once for you! Yay!!!
Nick E.
Great customer service and caring staff.
Tammy T
We too had a horrible experience with Doug! Unfortunately we had to find out the hard way when we had a small fire/smoke damage in our office space. Not only were we under insured, we were overcharged on our commercial policy for years!!!!! He and the owner of this agency were absolutely zero help when it came to dealing with this claim, the tenants insurance company and the insurance adjuster that would never return our calls, it was a complete NIGHTMARE! We were all on our own and we feel that once this happened, they knew that our agent screwed up when it came to this policy that he put together or lack there of and thought if they would just ignore us we would walk away. Not only did we walk away, we ran!! Had 3 other agents review it and could not believe how much we were under insured and several gaps in the policy that were missing, like loss of income, loss assessment coverage, just to name a few, things that are no brainers when it comes to commercial insurance. The only good that came out of this entire experience is that we learned alot about insurance and now have a very competent agent that physically went to all our properties, took pictures and sat down with us, at our home and a 3 page checklist to see what we needed or didn't need for our insurance needs. He even pointed out that our agent had our rate almost 3 times higher than it should have been, meaning we were getting ripped off, big time!!! We would have filed a complaint with the insurance commissioner of WI but reviews said not to waste your time, they wont do anything. Now we have double the coverage for our properties for HALF of what we were spending with this agency. Oh and our home and auto policy was lacking as well but was also reviewed and now has the proper coverage for our needs. Our advice, go somewhere else for your insurance so this doesn't happen to you!! This agency doesn't even deserve 1 star!
Jeanne R.
I really appreciate their friendly, prompt and knowledgeable assistance. We have been with them for years, and are consistently happy with their service.
Sephonia T. C.
This insurance company allows its employees to be racist. Doug treated me as if someone had a gun to his head every time he dealt with me. During a conversation I overheard him call me the “N” word and say how he wish he didn’t have to deal with my kind. The new management didn’t care how I was being treated so I switched insurance agents all together. Furthermore, I have asked numerous times for them to STOP harassing me by sending me emails and mailings but they have refused. I unsubscribed 4 times from their emails but the emails keep coming 2 years later. I’ve made numerous phone calls asking them to remove me from their lists but that hasn’t happened yet either!!!. My next step is to file an official report of Harrassment with the state of Wisconsin. I wouldn’t use this company to insure bubblegum lil less a boat, car or your home. I’d give them a zero rating if I could. There’s no place for racism in this world.
Roxanne S.
Valorie provided excellent service and quickly found us the best insurance policy and rates available. Thank you, Burstad Insurance!
Mindy A.
Family and Burstad worked their magic and found insurance even cheaper than what I was paying. They are very responsive when adding or changing things to a policy and they stick up for their customers when a bank may try to manipulate the home insurance for no apparent reason. Well done Burstad. I highly recommend.
Jason W.
Good service they work at finding you the best insurance
Dale B.
Easy to work with
Carla O.
Good insurance company
Happy Home I.
Easy to work with and great rates. Sent a lot of friends here. All are happy with it!
Dave T.
Melissa and her staff have always treated me right! Often finding better rates for me! Thanks
Peter T.
Great place
Jeremy M.
Monte and his team are great to work with. They were extremely helpful in getting our business up off the ground and getting the needed items to be successful. I would highly recommend them for your business!
Denise V.
Great to work with!
Dawn B
Everyone here has been very helpful, knowledgeable and friendly! Whenever I contact them, they get back to me quickly and are sure to get me the best rates possible. Thank you! The Baldwins
Kelly S.
I'm giving them 3 stars only because I was insured by them for 11 years..I changed insurance providers when my daughter got her license. they automatically put her on my insurance policy as a first time driver weather she was now driving or not but just because she was a licensed driver in my household. $287.00 jump from the $64.00 what I was paying for myself was crazy. Yes I called them and tried to dispute this but they refused to remove my daughter and started taking payments out of my account... so I was done with them ,cancelled my insurance policy, and got a better insurance that same day for half the cost plus I now have better coverage.
Isaac F.
I visited this office for a quote. During a pandemic, no one was wearing a mask or distancing. For a company preaching safety and preparedness it seemed strange. I turned around and left when I overheard an employee, who I assumed was an office lead, espousing her religious beliefs were going to save her rather than science. Who works in insurance with an attitude like that?
Response from the owner:Isaac, I am so sorry about your experience in our office, although we do not require masks by our staff being that they are all at least 6ft. feet socially distanced, we will always respect the views of our walk in customers. I am sorry that you had a negative experience at our office, but we would love the opportunity to set up a meeting with one of our highly experienced agents. We would make sure that everyone would be masked so that you feel comfortable. Thank you for your feedback.
Drillbit S.
They just want your money, Our agent was quite condescending when he would talk with us we were a new business. Prices were OK, But our agent definitely thought he had a chip on his shoulder.
Joshua E.
Great response time, #1 in the area
Wedam Enterprises L.
Very responsive all around good business and friendly service. Highly recommend.
Lee B.
Excellent customer service
Kent Elkin goes above and beyond
Also the rest of the staff is very accommodating
Barbara B.
They are professional and responsive
Li K.
great place and nice service
S M.
Great place. Emily is very helpful as well as all the rest of the people I have encountered there.
Tamara K.
Didnt respond to my request for a quote.
Bill I.
Best prices. Best customer service!
Steven G.
Top notch service. Will recommend to all.
Ana B.
Yes! I want to tell you something. If you need a car insurance - this is the place where you will find the best offer.
Have done car insurance for two trucks. The price was so good, even less than I expected.
My agent was Angie. I want to say thank you for caring! She is the nicest and kindest person ever!
Definitely will return for the nest year insurance
Jason L.
Excellent rates and service. Friendly staff and helped in a timely manner
Alicia B.
Neil is awesome!
John A.
Very helpful agents and staff. They got me a great deal on homeowners and auto insurance.
Jody L.
I have had policies thru the Agents, at the Menomonie office.

Their prompt response, patience, amazing customer service and thoroughness, is the greatest I have ever had with an agency!
Valorie M.
Great staff!
Brian H.
I have been a customer for many years and love the personal customer service experience that they provide. I know that when I call, I will get a real live person! I also know that the person I am working with will have an understanding of my history and my policy. Highly recommend! Thanks and keep up the good work!
Joshua E.
I recently purchased a new vehicle and had Teresa add it to my policy. She told me she added it and i was all set to go. 3 weeks later i find out she did nothing and i had been driving my brand new vehicle around without any insurance coverage. She said on several different occasions that she would email me new quotes, but i never heard back.
marcy M.
Corey Burstsad Insurance is great!! Neil always goes out of way for his clients, very trustworthy and efficient.
Soleil R.
Very friendly and helpful. Got is a great deal and we were refered there by a good friend after not being able to find what we wanted elsewhere. They made the process very easy and didn't mind us popping by last minute to get the details figured out.
Response from the owner:Hello Soleil, thank you for your review! We strive to provide great service to our community.

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