Quote:
Originally Posted by ithos
What would you expect with inflation out of control the last three years?
What Is the Inflation for Each Year?
An average rate of inflation can be calculated for each year:
In 2023, the average rate of inflation was 4.1%.
In 2022, the average rate of inflation was 8.0%.
In 2021, the average rate of inflation was 4.7%.
In 2020, the average rate of inflation was 1.2%.
U.S. Bureau of Labor Statistics. "Historical Consumer Price Index for All Urban Consumers (CPI-U)."
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Yes, since the year 2021, inflation has driven the cost of repairs through the roof. Further, development of shorelines and other vulnerable areas has skyrocketed also. Couple all this with the fact that we know every person’s problems and the results from storms thanks to the Information Age and the bills go up!
Don’t look for insurance to get cheaper for many either. Insurance agencies have AI programs now that can pinpoint problem areas to the Nth degree and adjust rates accordingly. Fortunately the free roof syndrome will leave altogether soon enough also. Satellite photos are helping insurers in many ways.