Home insurance rates are on the rise. Here’s the reason according to one Austin agency. From 2017 through 2021, on average, nationwide premium rates went up by 12.2%, according to S&P Global Market Intelligence data.

An Auto Insurance Study states that automotive insurance companies will have to raise their rates or close their doors. J.D. Power found that car insurance is on the rise in 2022 because of three factors: increasing repair costs, surging used-vehicle prices, and the growing number of serious collisions

Insurance and inflation

If those costs increase, the price of insurance premiums will likely increase as well. Unfortunately, due to inflation these costs are increasing. Building materials for homes are more expensive, there’s a chip shortage driving up the cost of cars, and there’s also a labor shortage.