Policygenius

When it comes to wealth, younger Americans (millennials and Gen Z) have catching up to do. Adult members of these generations own just 74 cents for every $1 of wealth that baby boomers owned at the same age. [1] They haven’t been as successful at reaching traditional financial goals like home ownership.

Almost everyone who had home insurance in 2023 ended the year paying more. Home insurance prices have increased 35% over the past two years, with the highest increases in disaster-prone states like Florida and Colorado. Will the trend continue into 2024? Different factors could play a role, says Itzhak Ben-David, professor of finance and academic director of the Ohio State University Center for Real Estate.

Health insurance was a big news item in 2023, as consumers contended with rising costs and narrower restrictions on what their plans covered. We looked back on five of the biggest stories Policygenius covered in 2023 and how they’re predicted to progress in 2024. 1. Health insurance premiums keep rising On paper, total compensation for workers increased by 20% from 2000 to 2021.

Georgia flood insurance: By the numbers Georgia has over 400,000 properties with a greater than 26% chance of severe flooding over the next 30 years, yet only 18% are protected with flood insurance. The average cost of flood insurance in Georgia is $791 per year when purchased through the National Flood Insurance Program (NFIP).

Insurance underwriting is essentially a form of price discrimination: Insurance companies charge different prices to different customers depending on their perceived risk of filing a claim. While pricing based on certain factors, like race, is banned, in auto insurance, variables like age, gender, and credit score can still affect how much you pay in most states. Sometimes drivers — and regulators — don’t like how insurers use these variables.

Mobile homes — also called manufactured homes — have become increasingly popular in Florida over the last few years. In fact, Florida ranks no. 2 for the states with the most new manufactured homes in 2022. [1] With so many new mobile homes popping up across the state, it’s essential for these homeowners to find the right insurance coverage to ensure it’s protected.

A lack of awareness may be what’s holding people back from purchasing long-term care insurance, a recent study suggests. People who skip out on long-term care insurance may have to pay out of pocket or rely on Medicaid. How a long-term care information campaign affected insurance coverage The study, published in the Journal of Health Economics, looked at the effects of the “Own Your Future” campaign, which encouraged Americans to plan for their long-term care needs.

From May 2022 to May 2023, home insurance rates in Texas increased an average of 27%, compared to an average of 16% the year before. This means altogether, homeowners in Texas are paying approximately 46% more in premiums compared to two years ago, according to the 2023 Policygenius Home Insurance Pricing Report.

Providing public health benefits to immigrants is a politically controversial topic. While some politicians are trying to expand health benefits to immigrants [1] , the myth that expanding health care access to immigrants is too costly persists. Former President Donald Trump signed a proclamation in 2019 banning legal immigrants without health coverage.

The Louisiana homeowners insurance crisis has been building over the last three years due to several hurricanes that have left insurers paying tens of billions of dollars in insured losses. As a result, many home insurance companies have gone insolvent, others have stopped writing policies in high-risk areas of the state, and still others have pulled out of Louisiana completely. This has left tens of thousands of homeowners scrambling to find new home insurance coverage over the last few years.