Insurance payments are rising more slowly in Bank of America customer data, but the change is not reaching every household equally.
An October 16 report from Bank of America Institute finds that median payments for categories including auto, homeowners, and renters insurance increased approximately 1% year over year in its 2026 comparison. That follows 6% growth in 2025 and roughly 12% in 2024.
Slower growth means a smaller increase—not necessarily a lower bill.
Different households, different results
The report finds nearly 6% payment growth among Gen Z customers, compared with approximately 1% to 2% for other generations.
Geography also matters. Selected Florida metropolitan areas recorded declines of roughly 7% to 8%, while California and several Northeastern markets continued to show relatively strong increases.
These figures reflect selected customer-payment data. They do not establish how every policy premium changed or predict an individual renewal quote. The report also discusses changes in the amount of property households insure as a possible influence on payments.
Compare coverage alongside the price
For households reviewing renewal documents or shopping for insurance, the quoted price is one part of the comparison.
The National Association of Insurance Commissioners recommends comparing auto quotes with matching coverage and limits. Also check deductibles and optional benefits.
A higher deductible generally lowers a premium, but it increases the amount the policyholder must pay toward a covered loss. Consumers should consider whether they could meet that expense.
The NAIC also advises checking with the state insurance department to verify that an insurer and agent are licensed and to review complaint information.
Homeowners should review rebuilding costs
For home insurance, the NAIC recommends deciding on needed coverage and limits before requesting quotes.
Rebuilding costs are an important consideration. An insurance agent or contractor may help estimate it.
Providing the same information and requesting the same coverage from each company makes the resulting quotes easier to compare.
Questions to ask before renewing
The NAIC’s auto-insurance shopping guide suggests asking about available discounts, payment options, installment charges, and claims service.
Other useful questions concern rental-car benefits, towing, deductibles, and how the insurer determines a vehicle’s value after a total loss.
The national payment trend provides context. A household’s own policy documents and renewal terms show what is changing for its coverage.
Sources: Bank of America Institute, “Insurance costs hit the brakes”; NAIC guide to comparing auto-insurance quotes; NAIC consumer guide to home insurance.