By: Edward L. Blais, JD, CIC, CPIA

Every family is feeling the effects of skyrocketing inflation. In July, the U.S. Bureau of Labor Statistics announced that the Consumer Price Index, “a broad measure of the change in the price of everyday good and services related to the cost of living,” increased 9.1% from a year earlier. 

So, what does this mean for the consumer? Anyone looking to build a home or already owns a home will feel the affects of the increase in costs for goods and services. 

Contractors have seen record increases in the cost of numerous materials since the pandemic began. Over the last three years, construction and commercial equipment have also seen a significant surge. Cost increases can be directly contributed to fuel prices, material costs, labor shortages and supply chain issues.

Don’t Save Money by Being Underinsured

With people looking to save money wherever they can, many believe the cost of insurance is a good place to start. However, insurance is meant to protect against unforeseen events and reducing your coverage to lower your premium could cost you far more in the long run. Your efforts to keep the cost of insurance down could cause you to become underinsured.

“Underinsurance occurs when the declared values of assets – like property, building and contents – and exposures fall below actual values.” Unfortunately, many clients only find out they are underinsured when they need to file a claim.

At Blais Insurance, we are committed to helping you safeguard what matters most. Protecting your loved ones, home, autos, and business are our top priority and we take that responsibility very seriously. 

To be sure you are fully protected, call Blais Insurance at 725.0070 and speak with one of our experienced agents today.