'Everything is rising at a scary rate': Why car and home insurance costs are surging
9 months, 2 weeks ago

'Everything is rising at a scary rate': Why car and home insurance costs are surging

NPR  

'Everything is rising at a scary rate': Why car and home insurance costs are surging Enlarge this image toggle caption Courtesy of Ezra Croft Courtesy of Ezra Croft Ezra Croft has never filed an insurance claim, and his house in Raleigh, North Carolina isn't close to a stormy coastline or a fire-prone forest. "While a lot of these storms don't make national headlines, they do tend to be very costly at the local level," says Tim Zawacki, principal research analyst for insurance at S&P Global Market Intelligence. "The insurance companies have become really aggressive in their bullying," says Doug Heller, director of insurance for the Consumer Federation of America. Enlarge this image toggle caption Anna Moneymaker/Getty Images Anna Moneymaker/Getty Images Last week, the Treasury Department hosted a roundtable with consumer and environmental groups to discuss the ways climate change is rattling insurance markets.

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History of this topic

Government orders probe as car insurance premiums rise by a fifth in TWO years
2 months, 1 week ago

Government orders probe as car insurance premiums rise by a fifth in TWO years

Daily Mail  

The Government has demanded answers to why the cost of car insurance has risen by 21 per cent in the past two years. When it rains: Transport secretary Louise Haigh wants to know why car cover costs have risen It comes as motor insurance premiums have grown by an average of 21 per cent since June 2022, according to Financial …

Allstate receives approval for 34% increase in homeowners insurance rates
3 months, 3 weeks ago

Allstate receives approval for 34% increase in homeowners insurance rates

LA Times  

Charred mailboxes remain standing along Pentz Road in Paradise, a community that was almost completely destroyed by the Camp fire in 2018. Allstate has received approval to raise its California homeowners insurance premiums by an average of 34% starting in November — the largest rate increase this year amid the state’s insurance crisis. The sixth-largest homeowners insurer in the state, …

California auto insurance rates are skyrocketing: Here’s why and how to save
4 months ago

California auto insurance rates are skyrocketing: Here’s why and how to save

LA Times  

The cost of auto claims has soared across the United States since the start of the COVID-19 pandemic, according to the Insurance Information Institute. Business Californians, brace for another bill increase: your car insurance California car insurance regulators approved some big rate increases in the last six months after a long COVID break. Business Surging auto insurance rates squeeze drivers, …

Insuring your home costs a FIFTH more than last year - with insurers blaming bad weather for £400 bills
4 months, 1 week ago

Insuring your home costs a FIFTH more than last year - with insurers blaming bad weather for £400 bills

Daily Mail  

Home insurance costs have risen 20 per cent in a year, with insurers blaming bad weather for a spike in claims payouts. Upwards rise: Home insurance costs are increasing steadily, with larger payouts to blame The average buildings-only home insurance policy cost £321 in Q2 2024, a rise of 7 per cent from the previous quarter. Subsidence payouts for home …

Car insurance premiums start to FALL - but are still up 48% in two years
4 months, 2 weeks ago

Car insurance premiums start to FALL - but are still up 48% in two years

Daily Mail  

Car insurance premiums are showing signs of falling - but still remain at near-record highs. Slight dip: Car insurance costs have fallen, but are still much higher than a year ago It costs 48 per cent more to insure the average car now than two years ago, when the typical premium was £430. The ABI's car insurance figures are the …

Allstate seeking 34% rate increase for California homeowners insurance
5 months, 1 week ago

Allstate seeking 34% rate increase for California homeowners insurance

LA Times  

The Colorado fire burns behind a house off Highway 1 near Big Sur in January 2022. Allstate is seeking to raise its California homeowners insurance premiums by an average of 34% — which would be the largest rate increase this year amid the state’s insurance crisis. If approved by the state’s Department of Insurance, the rate hike would affect more …

Weather disasters drive surge in US home insurance rates
6 months, 1 week ago

Weather disasters drive surge in US home insurance rates

China Daily  

An abandoned car sits at an intersection of a flooded street on Tuesday in Surfside, Florida. To cover their losses, insurers are raising rates, restricting coverage or pulling out of some areas "because they're concerned about having to pay out so much as more of these weather-related catastrophes occur", Dave Jones, director of the Climate Risk Initiative at UC-Berkeley's Center …

Editorial: California’s next affordable housing crisis is the rising cost of property insurance
6 months, 1 week ago

Editorial: California’s next affordable housing crisis is the rising cost of property insurance

LA Times  

Interior patio at Amani Apartments, build with funds from Proposition HHH to provide 53 permanent apartment homes to seniors who formerly experienced homelessness that opened in 2022. Now a growing problem for the state’s homeowners has hit affordable housing providers especially hard: skyrocketing property insurance rates. In the last couple of years, organizations that build and maintain affordable housing report …

Surging auto insurance rates squeeze drivers, fuel inflation
7 months ago

Surging auto insurance rates squeeze drivers, fuel inflation

LA Times  

Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. Auto insurance rates rose 2.6% in March and are up 22% from a year ago. But auto insurance and car ownership costs have become a sticking point for consumers and the Federal Reserve in its battle to rein inflation back to its goal of 2%. “A fender bender …

Car insurance costs hit new average record high of £635 - but hikes may be starting to slow
7 months, 3 weeks ago

Car insurance costs hit new average record high of £635 - but hikes may be starting to slow

Daily Mail  

Long-suffering motorists faced another car insurance premium hike this year, with the average driver now paying a record £635 for cover. Insurers said that claims costs, thefts and repair prices were behind high car insurance premiums. On the line: Drivers are being squeezed by rises in car insurance they have no way of avoiding ABI director of general insurance policy …

Surging auto insurance rates squeeze drivers, fuel inflation
7 months, 3 weeks ago

Surging auto insurance rates squeeze drivers, fuel inflation

Associated Press  

NEW YORK — Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. But auto insurance and car ownership costs have become a sticking point for consumers and the Federal Reserve in its battle to rein inflation back to its goal of 2%. “The severity is really the thing that has influenced rates more over the last two …

Surging auto insurance rates squeeze drivers, fuel inflation
7 months, 4 weeks ago

Surging auto insurance rates squeeze drivers, fuel inflation

Associated Press  

NEW YORK — Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. But auto insurance and car ownership costs have become a sticking point for consumers and the Federal Reserve in its battle to rein inflation back to its goal of 2%. “The severity is really the thing that has influenced rates more over the last two …

Inflation: Car insurance is the culprit. So are bad drivers.
8 months, 1 week ago

Inflation: Car insurance is the culprit. So are bad drivers.

Slate  

Well, if you were hoping inflation would shrink down to the Federal Reserve’s preferred threshold of 2 percent, you are out of luck. But, according to the Bureau of Labor Statistics’ latest Consumer Price Index report, overall year-over-year price increases amounted to 3.5 percent in March, marking a small uptick from February’s measurement. When it comes to the Department of …

A major auto insurer returns to California — with a 30% price hike
10 months, 1 week ago

A major auto insurer returns to California — with a 30% price hike

LA Times  

California drivers can now buy an auto insurance policy directly from Allstate again, after the company hit pause on selling new insurance through its website or phone service to customers in the state last year. Allstate’s full return to the California auto insurance market only comes after regulators allowed the company to raise its rates by 30% on average across …

Buying Home and Auto Insurance Used to Be Routine. It’s Becoming a Nightmare.
11 months, 2 weeks ago

Buying Home and Auto Insurance Used to Be Routine. It’s Becoming a Nightmare.

Live Mint  

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option. “I have never seen the overall market this bad," said Barry Gilway, a 52-year veteran of the industry who retired in 2023 as head of Florida’s Citizens Property Insurance, a state-created insurer of last resort that sells …

Will the cost of car insurance keep rising in 2024?
11 months, 3 weeks ago

Will the cost of car insurance keep rising in 2024?

Daily Mail  

Drivers face paying record high prices for car insurance premiums - and unfortunately 2024 does not look likely to bring any respite, with rises of up to 10 per cent predicted. Car insurance premiums rose 29 per cent in the year to November, reaching a record average high of £561. Driven up: Car insurance premiums are rising, and drivers may …

How soaring cost of car insurance driving motorists to sell up
1 year, 3 months ago

How soaring cost of car insurance driving motorists to sell up

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The soaring cost of car …

The great car insurance con: Complaints about payouts soar amid record-high premiums
1 year, 4 months ago

The great car insurance con: Complaints about payouts soar amid record-high premiums

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Almost 12,000 complaints were received by the Financial Ombudsman …

The great car insurance con: Premiums soar to record high as prices hiked 50% in a year
1 year, 4 months ago

The great car insurance con: Premiums soar to record high as prices hiked 50% in a year

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Car insurance premiums have rocketed …

Compare home insurance, car insurance and travel insurance
4 years, 1 month ago

Compare home insurance, car insurance and travel insurance

Daily Mail  

Also try Direct Line that does not appear on comparison sites and if you have previous serious medical issues consider a specialist insurer or broker. and beat the renewal hikes that can see some policyholders paying 400% more for the SAME cover Insurers admit that the only way is up for car and home insurance premiums this year. Home insurance …

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