Insurance premiums are on the rise, with homeowners seeing a 24% increase, adding $648 more per year on average. Auto insurance costs have also gone up by over 64% in recent years, while insurers are posting near-record profits of nearly $27 billion. This has led to anger and calls for regulatory action.
New York Governor Kathy Hochul is advocating for profit caps on insurers to address high auto insurance rates. In Illinois, lawmakers introduced a bill to control excessive rates after a 27% hike by State Farm. Meanwhile, North Carolina homeowners will see a 15% increase over two years, below the initially proposed 42.2%.
Consumers facing high insurance costs can take action themselves by shopping around, comparing policies, evaluating coverage needs, raising deductibles, bundling policies for savings, and seeking discounts for low mileage or defensive driving. Factors like credit scores can also impact insurance rates, so improving credit can lead to lower premiums. 1. Homeowners insurance premiums are rising as building costs climb, according to the Consumer Federation of America report. Insurers face challenges amid increasing claims and natural disasters, impacting affordability for consumers.
2. The insurance industry’s outlook is scrutinized by S&P Global, highlighting a shift from underwriting losses to profitability. Insurers navigate market dynamics, pricing strategies, and regulatory changes to maintain financial stability.
3. Governor Kathy Hochul proposes measures to address crushingly expensive auto insurance in New York. The aim is to reduce costs for consumers and make coverage more affordable while ensuring adequate protection.
4. The NC Department of Insurance announces Commissioner Causey’s negotiation of a settlement with rate bureaus to lower homeowners insurance rate requests. This effort aims to balance affordability for policyholders without compromising coverage quality.
5. Consumer Reports provides insights on switching car insurance to save money, with potential savings of 20-25%. Strategies include comparing quotes, adjusting coverage levels, and taking advantage of discounts for a more cost-effective policy.
Read more at Yahoo Finance: Soaring profits are ‘fueling tremendous anger’ as insurance rates skyrocket across the US. How to keep a lid on premiums