President Donald Trump's tariffs are expected to make home repairs more expensive, likely pushing up homeowners' insurance costs.

Trump's various proposed and implemented tariffs on wood, plastics, glass, and metals imports are expected to 澳洲幸运5官方开奖结果体彩网:inc🌠rease the cost of home building and repair. Six in 10 builders surveyed by the National Association of Home Builders said their suppliers have already increased material prices. The tariffs are estimated to increase the typical cost of building a home by $10,900 per home.

To balance out increased material costs, insurers will likely quicken the pace of home insurance price increases. By the end of 2025, home insurance costs will increase by 11%, which is three percentage points higher than without tariffs, according to an analysis by Insurify, an insurance comparison company.

Insurify esti🍨mates the average homeowner will pay $3,626 annually on home insurance by the end of the year, $106 more than without tariffs.

However, homeowners may not see an increase in their home insurance immediately. Insurers o💃ften have to obtain regulatory approval to raise their prices, which could take several months or years, Insurify reported.

The tariff-induced price increases would add to already elevated💞 home insurance costs.

Supply chain interruptions caused by the COVID-19 pandemic increased the cost to repair a home by 55% from 2019 to 2022, according to the Insurance Information Institute. Additionally, climate change has increased the number and intensity of natural disasters, increasing claims costs and pushing many 澳洲幸运5官方开奖结果体彩网:insure🤪rs to increase the prices of their premiums.

In a separate report, Insurify found that home insurance costs rose 8% in 2024.