If you are a homeowner, you've already noticed your home insurance premiums aren't just creeping up. For many, they're soaring – up nearly 37% nationwide over the last decade, according to data from the Federal Reserve. Meanwhile, car insurance premiums have jumped over 50% in the same time period.

The impact has hit some states harder than others, and a study published this week by Bloomberg Intelligence found that the problem is so widespread that most homeowners are now spending more on insurance than they are on property taxes .

Between higher mortgage rates and higher home prices (which come with higher property taxes), homeowners in today's market are already feeling squeezed. Tacking on soaring insurance rates is just one more thing inflating your monthly escrow payment. Here's what the study found and what you can do about it.

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