is pushing up the official inflation rate, there's a stealth insurance cost that isn't showing up in the Consumer Price Index: homeowners insurance.Along with high mortgage rates and record home prices, soaring insurance rates are just one more thing putting pressure on the cost of homeownership.
Pull back further, and the numbers are even more astonishing. The cost of insuring the average home rose to $1,905 in 2023 from $1,272 in 2019 — a 50% increase — according to data cited in a recent note from If CPI took homeowners insurance into account, it would have pushed the measure up about 0.7 percentage points to 4.11% in 2023, according to an estimate from Andrew John Stevenson at Bloomberg Intelligence.Much of the increase in the cost of homeowners insurance is due to climate change — the number of very costly extreme weather events in the U.S. has been growing.
In 2023, 28 weather disasters caused at least $1 billion in damages — a record going back to 1980, according toShare on twitter
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