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WEKU
WEKU
Scott Horsley

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

Insurance Inflation SP Global Market Intelligence the Insurance Information Institute
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. (Courtesy of Ezra Croft)

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.

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