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    'Everything is rising at a scary rate': Why car and home insurance costs are surging

    The cost of auto and home insurance is rising much faster than overall inflation, thanks in part to a string of billion-dollar storms. A growing number of people are going without insurance.
    by Scott Horsley Mar 03, 2024 3 minutes
    Ezra Croft from North Carolina saw his annual homeowners' insurance surge to $1,600, a $700 increase. Many others across the country are also seeing surging auto and home insurance premiums.

    Ezra Croft has never filed an insurance claim, and his house in Raleigh, North Carolina isn't close to a stormy coastline or a fire-prone forest.

    So Croft was surprised when his annual homeowner's insurance premium shot up to $1,600, or $700 dollars more than he was paying just a couple of years ago.

    "I'm a middle income guy," Croft says. "Don't make a ton of extra money. At this point I'm teetering on the point of inaffordability."

    Similar complaints can be heard.

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