Since 2020, the cost to rebuild or repair a property has risen dramatically. Between supply chain disruptions, labor shortages, and inflation in materials like lumber and steel, it’s no surprise that building costs have soared. But while construction prices have changed, many insurance policies haven’t kept up—leaving homeowners and business owners unknowingly underinsured.
So, how do you know if your property insurance is still enough?
Let’s Talk Inflation Guards
Most property insurance policies include an “inflation guard”—a feature that automatically increases your dwelling coverage each year to account for rising costs. These adjustments typically range between 3% and 5% annually.
Sounds good, right?
Unfortunately, that small bump doesn’t come close to covering the real increases we’ve seen over the past few years. For example:
- Lumber prices alone rose by 7.5% in a single year
- Steel prices jumped by more than 10% in some markets
- Skilled labor shortages have driven up wages across the board
- Supply chain issues have made certain materials slower to get—and more expensive
If your inflation guard is set at 3%, but actual construction costs in your area rose by 8%, that’s a gap in your coverage—and one that could cost you tens (or hundreds) of thousands out of pocket after a major loss.
Why Your Replacement Cost Estimator Matters
The replacement cost estimator is the tool we use to indicate how much it would cost to rebuild your property with similar materials at today’s prices. But if this hasn’t been updated recently—your policy might be based on outdated values.
And here’s the truth: Many property owners haven’t had their coverage recalculated since before the pandemic, or even since they started their policy.
✅ What You Can Do Now
We’re here to help you:
- Re-evaluate your property’s current replacement cost
- Adjust your coverage to reflect today’s building and labor prices
Taking this step now helps ensure that if something does go wrong, your insurance will respond the way it should.
Schedule Your Personal Insurance Review
We’ve made it easy for you to take the next step:
🔗 Click here to schedule your personal insurance review
✅ Choose “Personal Insurance Review”
👤 Then select Whitney as your contact
Or reach out using your preferred method below:
📞 (651) 760-8369
📞 (715) 781-8217
📞 (218) 741-0000
📞 (608) 755-1027
📱 Text Line: (651) 273-1143
📧 Email: hi@aspireinsurancegroup.com
📅 Business Hours: Monday–Friday, 8:00 AM – 4:30 PM
We’re not here to sell you more insurance. We’re here to make sure what you already have is doing its job—and protecting what matters most.