How Much Do You Pay for Insurance?
Insurance is one of those things we hate paying for and hope we never need to use them. And it takes up a significant portion of our budget. How much do you spend on homeowner, health, life and / or auto insurance?
Employees at NerdWallet conducted a survey of the average cost of insurance by state. They found that the average American spends $ 5,261 on insurance, and the cost of insurance as a percentage of median income is 12%.
Due to different regulations, spending varies greatly from state to state, with most spending in the northeast. The chart below shows the most expensive states and their average cost of insurance (you can see the full chart in Nerd Wallet), but we’re curious: how do you compare your insurance costs?
Where do people pay the most and least for homeowner, health, car and life insurance? | Botanist’s Purse