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Homeowners insurance premiums are rising fast

Rising costs for raw materials, particularly lumber, and supply chain disruptions are adding to the bottom line. When the pandemic hit, lumber producers feared a repeat of the Great Recession. They cut production and unloaded inventory. But demand soared, catching them by surprise. The price of lumber spiked to $1,500 per thousand feet of board in March, a 400 percent year-over-year increase. The Biden administration’s decision in November to double the tariff on Canadian lumber to 18 percent, up from 9 percent during the Trump administration, also affected prices. Canada has been the largest U.S. trade partner for lumber, providing about 30 percent of U.S. supply.

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