It may be time for an insurance checkup. How soaring costs may leave you underinsured

• Inflation has boosted the price of everything, including the cost of insurance.
• So the cost of your insurance may have risen, but your coverage hasn't.
• That means soaring inflation could leave you underinsured. Here's how to know and what to do.

The probability that you're paying more for less is clear these days at the grocery store or in a restaurant, but one place it may not be as obvious is in your insurance policies. 

On average, homeowners’ premiums are up 12.1% compared to a year ago, according to a Policygenius analysis, released in July, of internal policyholder data.

Nationally, car insurance rates are increasing by an average of 4.9%, according to approved rate filing data from S&P Global Market Intelligence.  

But like everything else – from toilet paper or a box of cereal to a meal from your favorite takeout place – just because you’re paying more, doesn’t mean you’re getting more.  

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