Homeowner’s insurance cost up more than inflation

(CNN)– A new report says insurance costs are rising rapidly for many homeowners.

Data released by the Treasury Department, on Thursday, Jan. 16, shows that homeowners insurance costs increased 9% faster than overall inflation from 2018 to 2022.

The spike has been attributed to extreme weather events like hurricanes and fires.

According to the report, the 20% of homes in zip codes judged to be at greatest risk for extreme weather paid an average of more than 23 hundred dollars a year in premiums.

That’s 82% higher than the rates paid by homeowners living in areas with the lowest climate risk.