With Home Insurance Costs Soaring, Should You Risk It and Cancel Your Policy?
Talk of inflation often centers on everyday items like eggs and cereal. However, these pale in comparison to the skyrocketing costs of home insurance.
From 2018 to 2022, the U.S. experienced 84 disasters that caused a combined $609 billion in damages, according to a recent U.S. Treasury Department report. This figure doesn’t include floods, which are not covered by standard homeowner insurance policies. During this period, the cost of insurance increased 8.7% faster than the overall U.S. inflation rate.
In high-risk areas, homeowners are facing higher premiums for less coverage, if they can even find an insurer willing to take them on.
