by: Jim Strickland Updated:ATLANTA —
"Prices are going through the roof" is more than a cliché for the shingle business these days.
Channel 2 consumer investigator Jim Strickland has learned of massive price hikes that took effect Friday.
"When it starts getting short in shingles, prices go up, and they're talking about a price increase in March and a price increase in April," said Mike Langston, CEO of BSA Building Supplies in Powder Springs.
Langston told Strickland that manufacturers are shipping more into the Hurricane Sandy zone, which leaves a shortage in the South.
Market leader Owens Corning is raising prices by double digits Friday and will again on April 15.
Roofer Ron Crist told Strickland everyone will be affected eventually.
"These homeowners, they have to pay more. The premiums go up with the insurance. It's just not right," said Crist.
Figures from the Georgia Insurance Commissioner's Office and insurance companies show Georgia Farm Bureau Mutual already raised premiums 14 percent in 2012. Allstate went up 9.9 percent in April of last year, and State Farm implemented a 7 percent increase in June.
Storm-related roofing expense is a big reason why.
"The more this damage occurs, the more the insurance companies are laying out. They have to maintain their financial stability as well," said Dave Colmans of the Georgia Insurance Information Service.
Hailstorm victim Nathan Williams will pay his State Farm increase when his policy renews in May.
"I'm not surprised. The fact is everything's going up, so why not insurance rates?" WIlliams said.