Rising above historic inflation
Why you may need more home and auto coverage this year
Inflation is not new, but has recently reached unprecedented levels. WHY?
Home inflation trends include:
26% increase in building materials
88% of firms experiencing project delays
89% of contractors having difficulty finding workers
94% of Fortune 100 companies report supply chain disruptions
Auto inflation factors include:
15% increase in repair costs
12% increase in new car prices due to limited inventory
40% increase in used car prices
8.2% increase in hourly labor
30% increase in rental car costs
Has your coverage kept up with inflation?
Rising replacement costs means what used to be covered by your policy may no longer be sufficient. This can impact everything from the cost to rebuild your home to the amount of rental car coverage you’ll need to avoid paying out of pocket.
FOR EXAMPLE: Bill’s policy has $500,000 in Coverage A to rebuild his home. However, Bill may now need $600,000 in coverage with the jump in materials and labor costs.
Review your policy with an agent and consider...
1. Increasing your coverage to avoid potential gaps in the current market
2. Any renovations you made this past year
3. Higher deductibles ($1,000 on auto, $2,500 on home) are becoming more common
4. Current policy discounts
5. Bundle your home, auto, and other coverage for better pricing
Why The Hanover is your best option
Powerful protection with built-in coverage not usually standard with other policies.
Hanover Platinum protection - our most popular auto and home package
Hanover Prestige - flexibiity and choice with caring service for higher value homes and autos
Peace of mind our customers trust
Auto insurance: 4.0 NerdWallet rating as of January 2022
Home insurance: 4.5 NerdWallet rating as of December 2021
Renters insurance: 4.5 NerdWallet rating as of January 2022
“I would highly recommend Hanover Insurance. I got into my first accident in over 20 years. They were very helpful and took care of everything.”
– JENNIFER D., TRUSTPILOT