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U.S. Home, Auto Owners Paying Over $3,700 Per Year In Insurance Premiums

via Golden Eagle Log and Timber Homes on Youtube

Home and auto insurance rates in the US are projected to have their largest increases in over five years, with prices surging by double-digit amounts within the first seven months of 2023.

The average cost of home insurance is $1,582 a year, and the average vehicle owner pays $2,150 a year for full coverage.

Factors driving the costlier premiums include extreme weather, car accidents, and inflation, with Texas experiencing the highest cumulative rate increase at 37.6 percent over the last 20 months.

According to Forbes Advisor, the average cost of home insurance is $1,582 a year for $350,000 worth of coverage.

They reported that vehicle owners now pay an average of $2,150 a year for full car insurance.

Inflation has dramatically surged since President Joe Biden took office in 2021, with the average U.S. household spending an additional $11,400 per year to maintain the same lifestyle.

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