Soaring Home Insurance Costs
Inflation discussions often focus on everyday items like eggs and cereal, but those pale in comparison to the rising cost of home insurance. A recent U.S. Treasury Department report revealed that between 2018 and 2022, 84 disasters in the U.S. caused $609 billion in damages. (This figure excludes floods, which are typically not covered by standard homeowner policies.) During this period, the cost of home insurance increased 8.7% faster than the overall U.S. inflation rate. In high-risk areas, homeowners are facing higher premiums for less coverage, and in some cases, they’re struggling to find any insurance provider willing to take them on.
