Bravera Bank

Homeowner's Insurance and Rising Material Costs

Rising material costs affect more than just construction and remodeling expenses; it can also affect your homeowner's insurance. Reconstruction or replacement cost is the cost to hire a contractor to rebuild your home as it is, using the same types of materials as the original construction. This amount could be significantly greater than what you paid to purchase the home or its market value.

Increasing demand for materials and labor are pushing construction costs through the roof, leaving many homeowners unsuspectingly underinsured. Consider the percentage change in material costs from 2019 to August 2020, according to
Trends influencing increased prices:
  • Back-to-back years of increasing weather events such as wildfires, floods and hurricanes
  • Lumber tariffs impacting framing, trusses, sheathing (plywood), finishing trim, cabinets, doors, windows and flooring
  • Decreased supply and increased demand inflating labor costs

Mitigating Loss

Increasing your home’s protection can decrease your insurance bill. You can take steps to control insurance costs and in some cases help prevent losses that will save you time, money and heartache.
  • Automatic water shutoff
  • Temperature monitoring system
  • Central fire alarms
  • Backup generator
  • 24-hour signal continuity system
  • Explosive gas leak protector
  • Sprinkler system
  • Automatic seismic shut-off gas valve 
  • Central burglar alarm
  • Security protection  
  • Surveillance cameras
  • Perimeter gate
  • Property caretaker
  • Lightning protection system
  • Building protection
  • Elevator protection

Questions about insurance? 

Contact one of our insurance advisors by calling 877-483-6811 or by contacting us online. You can also request a quote online. 

Bravera Insurance has locations throughout North Dakota, including Dickinson, Bismarck, Mandan, Devils Lake, Watford City, Carrington, Finley, Cooperstown and Northwood and has recently expanded into Montana with services in Glendive. We are licensed in 38 states with multiple areas of expertise. 

Bravera Insurance is an equal opportunity provider. Products and services offered through Bravera Insurance are: * Not a deposit * Not FDIC insured * Not insured by any federal government agency * Not financial institution guaranteed