September 16, 2024 Investor Insights

Costly Home Insurance

September 16, 2024

Enjoy this week's "Investor Insights," a weekly newsletter that highlights the financial news you need and provides tips and tricks for making better investment decisions.

Last year, home insurance companies lost $15.2 billion because of 28 natural disasters that caused more than $1 billion in damages. As a result, homeowners are paying 38% more for insurance now than they did back in 2019. 1
The acronym "AI" was mentioned 414 times in Q2 2024 earnings calls of major tech companies (Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA), a 5% increase from the previous quarter. 2
The average credit card interest rate is now 21.5% (up from 15% in 2019), and the average 60-month auto loan interest rate is 8.2% (up from 5.3% in 2019). As a result, delinquency rates on credit cards and auto loans are at the highest level in over a decade. 3
According to the National Council of Real Estate Investment Fiduciaries (NCREIF), the value of US office properties declined 14.4% on a year-over-year total return basis through 6/30/24. Office properties have now dropped for five consecutive quarters. 2

Sources:

Substack - "Home Insurance is a Really Big Problem"
MFS - "Beyond the News"
WSJ- "Americans Are Falling Behind on Their Bills. Wall Street Is Alarmed.

*Past performance is not indicative of future performance

Disclosure: This information is furnished for the use of Glen Eagle Advisors, LLC, Glen Eagle Wealth, LLC, and their clients and/or contacts. It does not constitute the provision of investment advice to any person. It is not prepared with respect to the specific objectives, financial situation, or particular needs of any specific person. Investors reading this commentary should consult with their Glen Eagle representative/financial advisor regarding the appropriateness of investing in any securities or adapting any investment strategies discussed or recommended in this newsletter.

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