Home insurance fraud costs everyone money. This type of fraud raises insurance premiums for everyone. Fraud costs insurers upwards of $80 billion a year, according to the Coalition Against Insurance Fraud.
While fraudsters and scammers are enjoying a lavish lifestyle, paying for luxury cars and coolsculpting costs, the rest of us are forking out hundreds of extra dollars a year in rising premiums. Some fraudsters will sell belongings they claimed were stolen or, in extreme cases, burn down their own houses to claim the home insurance payout.