Posted 3/3/2024, 11:00:24 AM
Insurers Raise Premiums as Costs Soar, Squeezing Homeowners and Drivers
- Home and auto insurance premiums are rising rapidly across the U.S., even for those with no claims or risk factors
- Inflation and natural disasters are driving up insurers' costs, leading them to raise premiums
- Insurers have pricing power and leverage to get premium hikes approved, even threatening to pull out of markets
- Customers can shop around to try to find lower premiums, but rates are climbing across the board
- More homeowners and drivers are dropping insurance coverage as costs become unaffordable, making them financially vulnerable