Colt’s Commentary – June 2022

6/15/2022 Why Is My Homeowners Insurance Going Up?

Hey there,


Have you looked at your homeowner’s policy renewal and thought to yourself “Holy Toledo, why is the premium so much this year?” 

Well, unfortunately, it’s happening everywhere, but luckily, I have somewhat of an explanation.

Why home insurance rates are rising in 2022

Thanks to an unusual convergence of market trends, ushered in by the pandemic and other disruptive events, you may see a bigger change to the cost of your home insurance than usual when it comes time to renew your policy this year.

Insurance rates are based on what an insurer thinks it will cost to make you whole in the event of a loss – whether it’s roof damage during a windstorm or a vehicle totaled during a traffic accident. As you’ve likely noticed, pretty much everything costs more than it did even a few years ago. 

What’s driving higher home insurance costs

If you’ve shopped at Home Depot or Lowe’s lately, you’ve certainly seen that the price tags on building materials have risen dramatically. Last year alone, the cost of building materials rose 14.1%, with lumber playing an outsized role in that trend, more than tripling in price since March 2020.

To make matters worse, the home-building industry is facing a shortfall of at least 200,000 skilled laborers, which is driving up construction-related labor costs. Combined with the high cost of construction materials and historically low housing inventory, this has been making home claims much more expensive for insurance companies. 

Focus on value as you explore ways to save

Keep in mind that savings come in many forms. The value of the coverage you choose today may save you more in the long run than the lowest possible premium. 

Contact us to review your current coverage. We’ll help you explore opportunities for discounts that could offset higher rates when it comes time to renew.

This is all very important to keep in mind when you look at your insurance renewal. 

Thankfully I let my humans handle the bills for me!


Sources: National Association of Realtors, Federal Reserve Bank of St. Louis, Home Builders Institute, National Association of Home Builders, Nasdaq, U.S. Department of Commerce, Consumer Price Index, National Safety Council, New York Times

McGovern Agency ~ For all your Insurance Needs!
(586) 464-2400 –


Colt’s Commentary – May 2022

Colt’s Commentary- May 2022:


Hey there,

Dog Sits in Chair Drinking Iced Tea

Picture this, it’s a hot summer day, you want an ice-cold glass of lemonade, but you are all out of ice.

When you go to refill the ice tray, do you turn the water faucet to hot or cold?

It may surprise you to learn that hot water actually freezes faster than cold water (Mpemba Effect) and is therefore the quicker option when you are in need of ice.

So next time you go to refill the ice tray, you know to reach for the hot water, not the cold.





Does Hot Water Freeze Faster Than Cold Water? | Science project |

McGovern Agency ~ For all your Insurance Needs!
(586) 464-2400 –