Recent increases in the price of building materials could have a significant impact on insurance premiums. Currently, if you are the victim of a loss, your rate may increase for a few years.
“Today’s claims can have repercussions on our premiums that we will pay next year or the year after, because what are we paying this year? ‘is in anticipation of the next few years, ”explains Michèle Pelletier, consumer advocate for insurance.
Michèle Pelletier mentions that a home insurance company can play with these prices.
“Compared to auto insurance, when companies want to increase their rates, they have to go before the commission, compared to home insurance, it’s the law of the market. Insurers decide to increase premiums as they see fit. “
These impacts are also felt among construction workers. The owner of NYC Construction admits that he has lost three major clients due to these increases.
“This year, it’s really drastic, because there are people who have completely withdrawn, we are not the only ones either” indicates the owner of NYC Construction Ltée, Yvan Godin.
Yvan Godin says he understands his clients, because there are many imponderables.
“We can’t even guarantee them a price. It goes every week, the prices are revised every week. So how do you go about closing a mortgage, when you know when you’re going to make a house and suddenly the mortgage is done, it can take four to five months to deliver it. “
The fall in prices is desired by many, in order to carry out their renovation work as quickly as possible.
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/cloudfront-us-east-1.images.arcpublishing.com/lanacionar/KDTB6C6NB5EKLGUF5UCHSDTAIQ.png?resize=150%2C150&ssl=1 "Achievement and controversy: New York will raise East River Park to prevent climate change")