Written By: Sandy Wilson, Personal Lines Account Executive

Lumber Shortage Leading to Costs Increasing

Have you been to Lowes or Home Depot recently to buy wood for a project? The Covid pandemic has had a massive impact on lumber prices and has driven suppliers to increase their pricing due to demand.

There has been a shortage of supply stemming from pandemic-related shutdowns as well as increased building activity.

“Absent a significant increase in mortgage rates or a Covid resurgence, it is hard to imagine what could cause lumber demand to drop and prices to moderate in the foreseeable future,” said Eric Cremers, Chief Executive of PotlatchDeltic Corp.

Lumber Costs Affecting Insurance Policies

Lumber costs increased 54% AND Lumber prices are 112% higher than they were a year ago, with drywall installers and finisher costs increasing 13%. Think this doesn’t apply to you as you are not doing home projects? Think again.

If you have a loss on your home such as fire or water damage, does your policy provide adequate coverage to repair all the damage you incur?

The goal of a homeowner is to carry sufficient coverage to repair or replace your home, if it’s damaged or destroyed. Now is the time to review your current home policy to be sure you carry adequate levels of insurance protection. If your insurance coverage limits are too low, they may not cover the cost to repair or replace your home. This could cause a significant financial burden to you.

Review Your Homeowners Insurance Policy With Mints

Today is a good time to reassess the value of your home and adjust insurance policy limits accordingly. Your insurance agent can assist you to review your coverages and make any adjustments needed. When that claim occurs, you will be happy you did. Peace of mind is invaluable.