The cost of auto and home insurance is rising much faster than overall inflation, thanks in part to a string of billion-dollar storms. A growing number of people are going without insurance.
Ezra Croft from North Carolina saw his annual homeowners' insurance surge to $1,600, a $700 increase. Many others across the country are also seeing surging auto and home insurance premiums.
"I'm a middle income guy," Croft says."Don't make a ton of extra money. At this point I'm teetering on the point of inaffordability."Similar complaints can be heard all over the country. On average, insurance companies sought to raise homeowners' premiums by more than 11% last year, according to"Here's the kicker," Morro says."My wife and I both work from home. So we have no commute to speak of.
Even as those prices start to level off, though, insurers are having to contend with a mounting toll of natural disasters, and not just in the usual places like Florida and California.A car remains in the wreckage after a house and garage were abruptly destroyed by a landslide as an atmospheric river storm inundates the Hollywood Hills area of Los Angeles on Feb. 6, 2024. A spate of natural disasters is helping lead to soaring insurance premiums across the country.
Last week, the Treasury Department hosted a roundtable with consumer and environmental groups to discuss the ways climate change is rattling insurance markets. The department also plans to host a meeting on the topic with insurance industry stakeholders. "What can you do?" she asks."You need insurance. You can't have a vehicle or a house without them. So you have to pay for it. And you figure out where you can cut other things to make sure you can drive around."Auto insurance is required in nearly all states. And lenders typically require homeowners who have a mortgage to carry insurance as well. Still, as premiums keep climbing, more people are scaling back their coverage or even going without.
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