Find out where homeowners are likely to face the steepest premium hikes before the end of the year.
Homeowners are facing rising insurance and increasingly limited options for carriers in some locales, and the problem is likely to worsen, warns a new report from Insurify, a virtual insurance company. The report blames severe weather, inflation and rising homebuilding costs.
The average insurance rate is $2,377 annually, but homeowners nationwide are expected to see a 6% uptick in average premiums by the end of the year. That’s on top of a 20% increase over the two years prior. Also, some coastal areas and inland locales could see double-digit percentage rises this year, according to Insurify’s 2024 Insuring the American Homeowner(link is external) report. Places like Florida, Louisiana and Oklahoma are expected to see the highest annual spikes in the country. The report further warns that weather forecasters are predicting a lively hurricane season, which likely will lead to additional rate increases into 2025 in many coastal areas.
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