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 this report, we share the results of that survey and show that:

• premium cost increases were reported by a wide variety of consumers across the demographic spectrum and across insurance types; for all three types, the proportion of holders who reported premium increases exceeded those who reported decreases by at least 23 percentage points.
• 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.
• shopping behavior is common across insurance types, but only around half of shoppers reported finding a policy they considered satisfactory.
• 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.

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