US Home Insurance Premiums May Hit a Record This Year, Report Warns
The average premium for US homeowners insurance is expected to hit $2,522 this year, up 6% from the end of 2023. Premiums in Florida will approach $12,000.
A house partially submerged in floodwaters after Hurricane Idalia made landfall in Cristal River, Florida, on Aug. 30, 2023.
Photographer: Eva Marie Uzcategui/BloombergUS home insurance rates are expected to reach a record high this year, with the biggest increases occurring in states prone to severe weather events, according to a new analysis.
The average premium for homeowners insurance in the US is expected to hit $2,522 by the end of the year, driven largely by intensifying natural disasters, rising reinsurance costs and higher fees for home repair, according to Insurify, a Massachusetts-based insurance-comparison platform. That figure would represent a 6% increase over the average US premium at the end of 2023, and follows a roughly 20% increase over the past two years.