When it comes to inflation, there are various ways in which it can affect our lives. One significant area where inflation is hitting hard is insurance, especially property insurance. For many homeowners, the cost of insurance has been skyrocketing, far outpacing the general inflation rate.
A member of the NewRetirement Facebook group recently shared their experience, stating: “Our homeowners insurance bill just arrived, and we were shocked to see a 22% increase from last year. This comes after a 15% increase the year before that.”
This sharp rise in insurance costs can put a strain on family finances, making it essential for homeowners to review their policies regularly and shop around for the best rates. It’s crucial to stay informed and be proactive in managing these escalating expenses.