America’s insurance crisis: How the average family’s home and car cover ballooned to $3,700 a year following series of painful premium hikes

The skyrocketing cost of auto and home insurance is increasingly weighing on cash-strapped Americans.

In 2022, the average price of both types of insurance saw its biggest spike in more than five years.

And this year rates are projected to grow by an even greater amount, according to analysis from S&P Global Market Intelligence. Within the first seven months, both had already jumped by double-digit amounts.

Higher premiums are being driven by a number of factors, such as increasing…