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Many home insurance premiums are rising faster than inflation

“I noticed that our mortgage had gone up $100 on a $1,250 mortgage,” he said. “So, I looked into it. First, I called the mortgage company and they said, ‘It’s costing a lot more to insure your house. Talk to [the insurance company].’ So then I called USAA and said, ‘What’s going on?’”

Across the country, homeowners renewing their policies are discovering that rising material costs, supply chain disruptions and climate change are combining to drive premiums up by an average 4 percent to an average annual premium of $1,398, according to the Insurance Information Institute, a nonprofit organization known as Triple-I that provides information on the insurance industry. Triple-I uses data from Standard & Poor’s Global Market Intelligence for its analysis[…]

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