Home Insurance Prices Are Soaring — Especially in These 5 States
By:
Pete Grieve
Pete Grieve
Reporter | Joined May 2024
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Editor:
Brad Tuttle
Brad Tuttle
Senior Editor | Joined January 2014
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Money, Getty Images
Home insurance prices are soaring, and homeowners in states prone to natural disasters have been hit the hardest.
Nationally, average home insurance costs were up 21% at renewal from May 2022 to May 2023, according to a September report from Policygenius, an insurance marketplace. That jump is on top of a 12% home insurance premium increase the company reported for the year before, and experts are forecasting home insurance prices could see double-digit increases again in 2024.
No state has had it worse than Florida, where the average price of home insurance increased 68% in two years — nearly double the nationwide average of 35%.
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