Report

Consumer Experiences with Auto, Home, and Renters Insurance Costs in 2024 – Survey Data

Abstract: In light of increased attention on insurance costs for U.S. consumers, the Consumer Finance Institute (CFI) at the Federal Reserve Bank of Philadelphia conducted a survey of consumers in late 2024 to investigate experiences with price changes, insurance shopping, and the effect of unexpected expenses on insurance holders in the auto, home, and renters markets. In our data, premium cost increases were reported by a wide variety of consumers across the demographic spectrum and across insurance types. Cost increases were not limited to policyholders who filed claims or made changes to their policies; even respondents who did not report changes experienced more increases than decreases. Respondents often encounter unexpected expenses related to their homes or vehicles and they often experience negative consequences resulting from those expenses, including having to forgo repairs, change other spending plans, or skip other bills in order to get by.

Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Consumer Finance Institute Research Briefs and Special Reports

Publication Date: 2025-09-30

Pages: 28