The Rising Costs of Building Materials

The Rising Costs of Building Materials

Most areas of the country are not just experiencing rising costs in building materials, but prices that are skyrocketing. Everything from plywood to windows to roofing are rapidly increasing in price, and it may impact your ability to get your home restored in case of a storm or other damage. Here are some of the reasons for the rising prices.

Supply Chain Issues

The world is experiencing supply chain issues ranging from a stuck cargo ship in the Suez Canal, factory closings due to the pandemic to a shortage of truck drivers. This is making it challenging to get materials from one place to another. Truck drivers are apparently retiring faster than new ones are entering the field to replace them.

Western Fires

Recent fires in the Western United States have destroyed millions of trees and impacted the lumber industry. This is causing a dramatic rise in the prices of everything from 2×4’s to plywood.

Oil Prices

The petroleum supply and prices impacts us all in almost uncountable ways. Petroleum and petrochemicals are not just used to power the trucks that ship materials, they are used in plastics, fabrics and roofing materials for construction projects. Weather problems, pipeline issues and political issues have all contributed to an uncertainty in the oil industry.

Inflation

Inflation seems to be rearing its head after decades of relative stability. A strong economy, rising employee pay, money injected into the economy and a strong demand for products all contributing to rising prices.

Strong Housing Market

In some areas of the country, homes, condos and apartments buildings can’t seem to be built quickly enough. This demand is creating rising prices in the overall construction industry. The strong housing market is good for employment and growing communities, but it is creating a squeeze on building materials which is contributing to increasing prices.

Make sure your homeowners’ insurance is keeping up with all of these moving pieces. Contact one of our independent homeowners’ insurance agents to review your policy and ensure your home is properly protected. A quick review now could prevent some painful discoveries later. Contact us today!


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Search All Blogs

Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Decoding the “Old Car Speak”: A Guide to Boomer Car Jargon

Lost in translation? Decoding the lingo of classic car enthusiasts.

Transform Your Home for Sale: Essential Cleaning Tips

Get your home ready for sale with these essential cleaning tips. From deep cleaning windows to clearing out closets, this guide will help you make your home shine for potential buyers.

Toddler-Proofing Your Home: A Guide to Creating a Safe Haven

Making your home safe for toddlers: Practical tips and essential insurance considerations.

A Golden Age of Cinema: Iconic Films of the 1930s

Rediscovering cinematic masterpieces: Iconic films of the 1930s.

Building a Business for the Long Haul: Strategies for Sustainable Success

Building a business that lasts: Essential strategies for long-term success.

Rediscovering the Joy of Cycling: 7 Reasons to Hop on Two Wheels

Get pedaling! 7 reasons to rediscover the joy of cycling.

Why Human Interaction Still Matters in Auto Insurance

Think beyond online quotes: Why working with an insurance agent is still crucial.

Rental Car Insurance: Navigating the Coverage Maze

Understanding rental car insurance: Protect yourself on the road.

The Mysteries of Everyday Life: Exploring Life’s Curious Questions

Curious minds want to know: Exploring everyday mysteries.

The Family Business: Navigating the Perks and Pitfalls

The pros and cons of running a family business.