Author: Danielle Antosz

‘Premiums will have to increase accordingly’: Trump’s tariffs could drive up car insurance costs by 13%. Here’s how trade policies affect premiums and what you can do to save on car insurance
Florida drivers already pay some of the highest car insurance rates in the U.S., and those rates could go even higher if President Trump’s automotive tariffs go into effect in April.
Floridians currently pay an average of $263 per month for full coverage car insurance, which is the fifth-highest rate in the nation, according to Insurify. The company’s study found that tariffs introduced by Trump could drive car insurance costs up by as much as 13% by the end of 2025.
For Florida drivers, this means annual insurance premiums could reach $3,576 — an increase of $410 — with approximately 92 of those dollars directly tied to Trump’s tariffs.
But it’s not just Florida drivers who will feel this pinch. Here’s why tariffs matter for policyholders across the country, and what you can do to manage rising costs.
The hidden impact of tariffs on auto insurance
When tariffs increase costs on imported goods such as vehicle parts, these expenses inevitably trickle down to consumers. Trump’s tariffs on automotive imports, as well as steel and aluminum imports, could significantly raise the costs of car repairs and replacement parts.
“As the price of replacement parts increases, premiums will have to increase accordingly,” said Daniel Lucas, carrier relations manager at Insurify.
This means insurers face higher payouts for claims due to increased repair expenses, and insurance companies have to recoup these losses from somewhere. Typically, this comes in the form of higher insurance premiums for drivers.
Auto repair parts from Canada and Mexico make up approximately 32% of U.S. auto part imports, and vehicle damage accounts for roughly 60% of the costs for full-coverage car insurance, reports Insurify.
These tariffs add layers of additional expenses each time parts cross the border into the U.S., and the compounded effect can substantially increase the overall cost of repairs. For example, if assembling an engine in the U.S. requires importing three separate parts from Canada and Mexico, each crossing the border individually, all three parts will incur its own tariff.
Imagine that the assembled engine then crosses the border again to be installed into a vehicle, and afterward, the entire car is imported back into the U.S. Multiply this scenario across thousands of vehicles and numerous components, and the cost increase becomes substantial.
However, there is some good news. According to Andrew Whitman, a finance professor at the University of Minnesota, consumers may not see these costs reflected in their monthly insurance statements right away.
“It will take some time for that cost to work through the system,” Whitman shared with Insurify. “Insurance companies have to file for rate increases, and those rate increases have to be based on increased claim costs.”
How to rein in your car insurance costs
While drivers can’t control tariff policies, there are several ways to minimize the financial hit of rising insurance premiums.
Shop around
Don’t settle for the first quote you get. Rates can vary significantly between insurers, so take the time to gather and compare multiple quotes to ensure you’re getting the best rate possible. If you’ve had the same policy for a while, shop around to see if you can find a better deal — just pay attention to policy details so you don’t reduce your coverage without realizing it.
Bundle policies
Many insurance providers offer substantial discounts if you bundle your car insurance with homeowners, renters or other insurance policies. Bundling can simplify your coverage and provide meaningful savings, but make sure to compare all the rates with those from other providers.
Look for discounts
Most insurers provide discounts for specific demographics or meeting certain criteria, such as safe driving records, good grades or installing anti-theft devices. Students, teachers, first responders, military personnel and their families may also qualify for discounts. Ask your insurance provider about discounts that you might be eligible for.
Consider raising your deductible
Increasing your deductible — the amount you pay out-of-pocket before your insurance kicks in — can lower your monthly premium significantly. Just make sure you have sufficient savings to cover the higher deductible in case of an accident. You should also avoid making insurance claims for minor dings and dents, as this can raise your rates.
Compare insurance costs when buying a new car
Different vehicles attract different insurance rates. Before buying a new car, compare how much different car models will cost you in insurance premiums. Opting for cars with lower repair costs or stronger safety records can help reduce your annual insurance expenses.
By understanding the factors impacting your insurance rates and actively managing your policy choices, you can help minimize the impact of tariffs on your wallet.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
March 31, 2025
‘I finally started living in my home’: This Georgia couple fought for 2 years to get their sewer line fixed — here’s the 1 flaw the city missed and how to budget for unexpected home repairs
When Alphonso and Tierney Whitfield first moved into their College Park, Georgia home in 2022, they were eager to start their new life together. But that hope quickly turned into a headache when they discovered plumbing issues, Atlanta News First (ANF) reported.
Every time the couple flushed their toilets, wastewater appeared in their yard. Unsure of the cause, they hired a local plumbing company. Estes Plumbing discovered the sewer line needed to be replaced and applied for a permit from the city to complete the work.
The total cost was $8,000 — a hefty sum for anyone, but especially for new homeowners. The worst part? Replacing the line didn’t fix the couple’s sewage issues.
That’s because the issue could only be solved by fixing an issue on city property, something that only happened this month.
“It feels like I finally started living in my home, living in my yard, having people over,” Alphonso told ANF Consumer Investigator Harry Samler.
But why did the city take so long to intervene?
Why didn’t the plumbing line replacement work?
Estes Plumbing technician Logan Cumby determined that the Whitfields’ issue had nothing to do with the new line but instead with part of an old line located on city property.
“When a plumbing company replaces a residential sewage line, it typically does not do work on city property,” Cumby told ANF. “We determined the break is in the street, and we can’t fix it because it’s not on the homeowner’s property.”
But city officials pushed back, saying the plumbing company must have connected the Whitfields’ new line to a city pipe no longer in use. But Bill Knox, a manager at Estes Plumbing, insisted that wasn’t true.
“If we mess something up, we stand by it, and we’ll fix it,” Knox told reporters. “But in this case, we’ve done everything right.”
The Estes team returned to the Whitfields’ property and ran a camera through their sewer line. The footage showed the new sewer line was properly connected and intact until it reached an older pipe located under the street — and on city property.
The footage showed an older clay pipe that seemed to have collapsed, likely causing the Whitfields’ sewer issues. A neighbor a few homes away had also reported problems with their sewer, indicating the cause likely wasn’t the new sewer line on the Whitfields’ property.
Following further investigation, a College Park City spokesperson confirmed the city would connect the Whitfields’ line to the city tap for $1,600. A few days later, Department of Public Works officials showed up to replace the collapsed pipe and connect the city line to the Whitfields’ home.
After the lines were replaced, everything was finally flowing correctly for the first time in two years.
How to budget for unexpected home repairs
Unexpected home repairs, like the plumbing nightmare the Whitfields experienced, can strain homeowners financially. Here are several proactive steps to protect yourself:
Consider a home warranty
A warranty typically covers the repair or replacement of major home systems for a relatively affordable annual fee. However, carefully read the fine print to understand exactly what’s included. Often, issues arising from normal wear and tear are excluded from coverage.
Early intervention can reduce costs
Addressing minor issues quickly can prevent them from escalating into major repairs. Regular home maintenance, like routine plumbing inspections, gutter cleaning or HVAC system checks, can help you catch problems early, reducing long-term costs.
Create a sinking fund for home costs
Setting up a dedicated savings account specifically for home-related expenses ensures you’re prepared when unexpected costs arise. Experts generally recommend setting aside between 1% to 3% of your home’s value annually. If your home is valued at $300,000, this translates to saving between $3,000 and $9,000 per year.
Compare quotes from multiple service providers
When faced with a major repair, request estimates from several contractors. Prices can vary dramatically between providers, and reviewing multiple quotes ensures you’re getting a fair price and helps you better understand the scope of work required.
Research legal aid options
If your home repair involves another party, such as a neighbor, the city or a contractor, knowing where to find legal assistance can be critical. Local legal aid societies, homeowner advocacy groups or a real estate attorney can provide guidance and representation if needed.
Finally, make sure you understand what your homeowner’s policy covers. Depending on the nature of the repair, your home insurance may cover some or all of the expense.
Being proactive in financial and home management strategies can save you significant time, stress and money in the long run.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
March 30, 2025
Despite higher mortgage rates, US home sales rise 4.2% with median prices nearing $400K. Here’s what this means for your next real estate purchase
As mortgage rates continue to rise, more homebuyers are entering the market and it’s putting pressure on prices — which could have a long-term impact on future homebuyers.
Between January and February of this year, sales of existing homes rose 4.2% to 4.26 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Meanwhile, home prices are also climbing steadily — the median existing home price reached $398,400 in February, marking a 3.8% increase compared to one year ago ($383,800).
"Home buyers are slowly entering the market," said NAR Chief Economist Lawrence Yun. "Mortgage rates have not changed much, but more inventory and choices are releasing pent-up housing demand."
As indicated by recent market trends, rising housing prices and mortgage rates are increasing the financial pressure on homebuyers and may continue to do so for the foreseeable future.
Why do housing prices keep climbing?
The rise in home prices is likely a result of a resilient job market, persistently low housing inventory and robust buyer demand. Even with mortgage rates hovering in the 6-7% range — which is significantly higher than pre-pandemic levels — buyers remain motivated by fears of even higher prices and lower home inventory in the future.
A report from the U.S. Bureau of Labor Statistics states that total nonfarm employment rose by 151,000 jobs in February, while the unemployment rate remains relatively low at 4.1%. Most economic experts generally consider an unemployment rate between 4% and 5% to be healthy.
As of the end of February, America’s inventory of unsold homes stood at 1.24 million units, which is up more than 5% from January, reports NAR. At the current monthly sales pace, 1.24 million units would be the equivalent of a 3.5 month supply, which is far below the six-month supply that is traditionally considered a balanced market between sellers and buyers.
This tight market puts upward pressure on home prices, with buyers either adjusting their expectations, opting for smaller properties or stretching their finances further to secure homes before prices climb even more.
“We are still in a relatively tight market condition,” Yun shared with CNBC.
Interestingly, first-time homebuyers are entering the market in greater numbers, making up 31% of all sales in February, which is up from 26% the previous year. However, investor purchases have slowed significantly, dropping to just 16% of transactions, which is down from 21% last year.
This shift suggests that more owner-occupants or second-home buyers are competing directly in the market, often with cash purchases, maintaining price stability despite higher borrowing costs.
How could this impact your next real estate purchase?
To navigate this challenging real estate market, buyers may need to adjust their approach, potentially revising expectations regarding home features or considering properties in less competitive markets.
Exploring alternate financing options can provide some relief, but they often come with some drawbacks. Products such as adjustable-rate mortgages, interest-only loans and balloon mortgages can be beneficial in the short term, but they may lead to significant financial challenges if buyers do not fully understand the terms and long-term implications.
Buyers may also find it worthwhile to buy a home now and consider refinancing later if/when mortgage rates drop. Refinancing can lower monthly payments, reduce total interest paid or shorten the loan term. However, buyers should carefully evaluate refinancing costs, including fees and closing costs, to ensure this approach is appropriate based on their financial situation.
Lastly, timing may also play a crucial role. Buyers who can be flexible and wait for traditionally quieter buying periods, such as the fall or winter seasons, might benefit from decreased competition and enhanced negotiating power.
For current homeowners, rising home prices can offer advantages.
"Each one percentage point gain in home price translates into an approximately $350 billion increase in housing equity for American property owners," Yun shared with NAR.
Homeowners selling in the current market may find themselves with increased equity, providing additional cash to leverage toward their next purchase or investment.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
March 29, 2025
‘We have a huge problem’: A Chicago man says squatters moved into his home right before a showing and refused to leave — here’s why police didn’t initially intervene
Steven Brill was excited to list his freshly renovated Tinley Park, Illinois home for sale. But shortly after posting the listing, his real estate agent called him to report a startling discovery — a family of four, complete with two dogs, had already moved into Brill’s home without permission.
"I put the house on the market Monday evening, and then yesterday at 4 p.m., an agent went to go show the house for a showing," Brill explained to ABC 7 Chicago. "She said, ‘Hey, we have a huge problem. We have squatters in the house.’"
Despite seeing the deed, police initially couldn’t help Brill. The unwelcome occupants claimed they had a lease, even producing paperwork when confronted by police. But the police were unable to remove the squatters and told Brill he’d need to go through the eviction process.
In Illinois, that’s a lengthy process that can take months. Here’s what Brill did instead.
How did this happen?
Squatters often take advantage of legal ambiguities and exploit the eviction process, which tends to favor occupants once a property is occupied. In Illinois, only the sheriff can perform evictions — and they need a court order to do so, which makes it challenging for landlords to remove squatters.
In Brill’s case, the Tinley Park police initially deemed the provided lease credible enough not to intervene.
"Though the lease is most likely invalid, that is not the officers’ responsibility to determine. Evictions are a civil matter," said a spokesperson for the Tinley Park Police Department.
Real estate attorney Mo Dadkhah explained why in a statement to ABC 7.
"Typically, when police or a sheriff shows up, they’ll say, ‘we have an agreement with the landlord.’ And at that point, the police officer doesn’t know if this document is real. They can’t throw someone out who could potentially be a tenant. So, they’ll tell the landlord, ‘you have to go through the eviction process,’ which unfortunately in the Chicagoland area, is lengthy. It’s long and time-consuming," Dadkhah said.
Brill thought he would be forced to go through the eviction process, but a call to ABC 7 Chicago’s I-Team finally provided relief. The I-Team reached out to the Tinley Park police, who agreed to do more investigating and found that the lease the family provided was invalid. The paperwork didn’t have the correct address.
With that information, the police were able to force the family to leave, and Brill is now back in his home.
"I’m very glad I reached out to you guys. You were on it, jumped on it right away. I believe that calling you guys actually helped,” Brill told reporters. “I feel like that lit a fire, and got everybody moving even faster.”
How to minimize the financial impact of squatters
Squatters are a growing problem across the U.S., and several states are passing legislation to address the challenge. Situations like Brill’s can quickly spiral into a costly burden from lost rental income, inability to sell, property damage and expensive legal fees.
Landlords and homeowners can take several steps to protect their property, starting with securing vacant properties with surveillance cameras and motion-sensor lights. If you know your neighbors, make sure they’re aware the home is vacant and ask them to contact you if anyone appears to be living there. Regularly check locks and entry points for damage, too.
Sometimes, legitimate renters can turn into squatters. To limit your risk, implement a thorough screening process, including background and reference checks. Documenting your property’s condition before listing or renting it can provide evidence for legal recourse if a squatter situation arises.
For properties that are often vacant, like vacation or rental homes, it may be worth investing in squatter insurance plans. These specialized plans can cover lost revenue, legal expenses, court costs and property damage.
Despite some experts saying it’s a relatively rare occurrence, the cost of squatters can be high. Ultimately, awareness, vigilance and immediate action are critical to safeguarding your property and finances from the risk of squatting.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
March 29, 2025