Insurance professionals have reported that one way in which many clients are tightening their belts in the face of rising inflation and costs is to cut insurance coverage or price shop for comparable coverage at a lower rate than they previously paid. This can make any attempt by agents and brokers to convince insureds to bulk up on protection — against flooding, earthquakes or a cybersecurity breach, for instance — an even tougher sell. However, the cost of living in the U.S. can be dramatically between the country's most desirable places to live and the many other locations that can be pleasant and attractive while also being less chichi. Entrepreneur magazine recently assessed factors that play into a location's cost of living to determine "The Cheapest States to Live in 2023." The magazine's staff looked at the cost of food, housing and transportation. They also took into account each state's median income in order to determine where Americans' dollars can stretch the farthest. The slideshow above illustrates the 10 least expensive states to reside in the U.S. in 2023, according to Entrepreneur, along with a few comment from the publication's staff about each listed locale. Insurance and financial services professionals can use this data to advise clients who may be looking to relocate or open business outposts in relatively affordable destinations. See also: |

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