If you’ve recently received notice that your insurance rates are increasing, you’re far from alone. The average cost of car insurance has jumped more than 20% in the last year.1 The average homeowner’s insurance premium rose 7.6% in 2021 from 2020.2 The countrywide average auto insurance expenditure increased 1.4%.3 Let’s look at why rates are increasing and what you can do to help mitigate these rising rates. Why Are Insurance Rates Rising? Insurance rates are influenced by various factors, most
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