The average American pays different amounts for insurance depending on what they're insuring. Here are some general figures to give you an idea:
Auto insurance: According to a 2020 report from the National Association of Insurance Commissioners, the average American paid $1,004 per year in auto insurance premiums.
Homeowners insurance: The average cost of homeowners insurance varies by state and region. According to a 2020 report by the Insurance Information Institute, the average premium for homeowners insurance was $1,211 per year.
Health Insurance: According to a 2019 report by the Kaiser Family Foundation, the average employee contribution towards employer-provided health insurance was $1,242 per year for individuals and $6,015 per year for family coverage.
Life Insurance: The cost of life insurance varies widely depending on factors such as age, health, and coverage needs. According to a 2020 study by LIMRA, the average price for a 20-year term life insurance policy with a $250,000 death benefit for a healthy non-smoker was $160 per year.
It's important to note that these figures are just averages, and individual policies can vary significantly based on many factors, such as age, driving record, health, location, coverage levels, and more.