- Home insurance prices jumped 19%, or on average of $273 per policy, last year.
- The two main reasons are rising costs for homebuilding and repairs, and the weather.
- The states with the highest home insurance costs are prone to severe weather.
Even if you can afford to buy a home these days, Americans must ask themselves if they can afford to insure it.
Nearly 30% of American homeowners are nervous about rising home insurance rates, according to insurance comparison site Insurify.
Home insurance prices jumped 19%, or on average $273 per policy, last year, according to a study by Guaranteed Rate Insurance. The insurer said prices surged 55% from an average of $1,108 in 2019 to $1,723 in 2023. And more increases may be on their way. Insurify forecasts some increases this year as high as 23% in states with severe weather.
“Affordability is becoming an issue in a great number of parts of the country,” said Bill Gatewood, national personal insurance practice leader at insurance broker Burns & Wilcox. “Some parts have difficulty even getting insurance.”
Why is my homeowners’ insurance going up so much?
The two main reasons are:
Learn more: Best home insurance
Which states have the most expensive home insurance?
The states with the highest home insurance costs are prone to severe weather events. Arkansas, Florida, Louisiana, Mississippi and Texas are vulnerable to hurricanes, Insurify said. California, Colorado, Nebraska and Texas face growing wildfire risk, it said. And Kansas,…
