Advice from Dr. David Marlett, managing director of Appalachian State University’s Brantley Risk & Insurance Center, was recently included in a post at newsweek.com, entitled Home Insurance Costs Could Soar Amid Trump Tariffs. The article explores a report by Insurify warning that recent tariffs could drive property insurance premiums up, due to rising home construction and repair costs.
As rebuilding costs are a factor in setting insurance rates, these increases may affect homeowners' premiums in the coming months.
"If the tariffs become entrenched, then their added costs will have to be passed on to the consumer through higher premiums," said Marlett.
"Insurers typically must obtain regulatory approval for the rate increases, and that process takes months and even years... Given the existing upward pressure on home insurance premiums, regulators will likely resist approving the increases based on a potentially temporary political action."
About the Brantley Risk and Insurance Center
The Brantley Risk and Insurance Center at Appalachian State University's Walker College of Business enhances the academic experience by providing space and staff to assist risk management and insurance majors with networking, job placement preparation, and contact with faculty members outside the classroom. It provides students opportunities to participate in professional designation and licensing programs, and invites industry leaders to participate in classes and speak to student organizations. It also fosters research and faculty development, assists the insurance industry in designing and delivering continuing education programs, and helps educate the public about the insurance industry. Appalachian is designated a Global Center of Insurance Excellence by the International Insurance Society. Learn more at https://insurance.appstate.edu.
David Marlett
App State