Those building new homes have had to deal with the rising cost of lumber for some time, but now the increase is beginning to impact existing homeowners.

The rising cost is hitting their budgets where it hurts when it comes to home repairs following a storm or other mishap.

Lumber prices have been on the rise since the COVID pandemic began.

Prices on lumber vary year to year but have spiked by up to 300 percent in some areas.

For homeowners, the problem arises when you have to file an insurance claim after a fire or bad storm. A regular policy doesn't take into account a spike in lumber costs.

State Farm Agent Jim Leugers says a conversation with your insurance agent can make all the difference.

"YOU WANT REPLACEMENT COST VERSUS AN ACTUAL CASH VALUE. AN ACTUAL CASH VALUE POLICY MAY TAKE INTO ACCOUNT DEPRECIATION, WITH THESE INCREASES IN MATERIAL COST, WHICH MIGHT LEAVE YOU A LITTLE SHORT ON SOME REPAIRS. WE CAN MAKE THOSE CHANGES AND MAKE THOSE CHANGES EFFECTIVE IMMEDIATELY," said Leugers.

This is especially timely given the stormy weather we had over the weekend and yesterday.