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Insurance Premiums Surge in 2024, Prompting Consumer Cost-Saving Strategies
Insurance Premiums Surge in 2024, Prompting Consumer Cost-Saving Strategies
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American households are grappling with steep increases in property and casualty insurance costs. Auto insurance rates have jumped 22% year-over-year in early 2024, while homeowners face renewal premiums up 25% from 2023 and 69% since 2021. The P&C industry''s $22.9 billion underwriting gain this year comes at the expense of policyholders bearing these aggressive rate hikes.
Severe weather events, supply chain disruptions, and rising repair costs drove insurers to implement these increases after sustaining $21.3 billion in losses during 2023. Bundling home and auto policies emerges as a key strategy for consumers seeking relief from the financial strain.
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