MONEY SAVER
The Price of Protection
It’s not just the stuff you buy that’s getting more expensive. The insurance for your stuff is getting costlier too. Check out these numbers, and what’s behind them.
HOMEOWNERS INSURANCE
Annual Frequency of Claims
per 1,000 insured homes
Highest Premiums*
You can blame hurricanes for prices in Florida and Louisiana. Tornadoes, wind and hail are the major culprits in Nebraska and Oklahoma.
Average Annual Premium
$2,230
Prices are up 7.9% year over year.
PET INSURANCE
Average Cost of Accident and Illness Coverage in 2023
Total U.S. Pets Insured (in millions)
Insurers paid out $2.5 billion in claims in 2023, up 30% from 2022.
CAR INSURANCE
Average Annual Cost of Full-Coverage Car Insurance**
$2,311
Up 20.3% year over year
Average Cost by Credit Score
In 47 states, a bad credit score can raise your premium. If your score is poor, get quotes from multiple carriers, including those writing high-risk policies, advises Bankrate’s Shannon Martin.
Car Owners Who Shopped for Insurance at Least Once in 2023
Newly retired? Driving fewer miles? Tell your insurer, says Douglas Heller of the Consumer Federation of America. You might get a lower rate.
*Homeowners insurance premiums are for $300,000 in dwelling coverage in June 2024.
**Full-coverage auto insurance rates are for June 2024 for a 40-year-old male or female driver with a clean driving record, good credit and a 2022 Toyota Camry driven 12,000 miles annually. Story sources: Bankrate, Bureau of Labor Statistics, Insurance Information Institute, North American Pet Health Insurance Association, LexisNexis