Home and Auto Premiums Skyrocket, Squeezing Household Budgets
• Average cost of home insurance is $1,582/year; average car insurance is $2,150/year - over $3,700 combined
• Premiums rose significantly in 2022 - home insurance up 6.1%, car insurance up 11%
• Rate hikes continuing into 2023 - home up 8.8% in first 9 months; car up 11% in first 7 months
• Factors driving increases include more extreme weather, higher accident rates/severity, inflation
• Rate hikes hitting household budgets hard - 50% of US households can't afford an unexpected $500 expense