From Time Magazine:

Home insurance prices are increasing nationwide, with homeowners in states prone to natural disasters being hit hardest. The average cost soared 21% from May 2022 to May 2023, on top of the 12% increase the year before. In Florida, average home insurance prices increased 68% in two years, doubling the nationwide average.

Insurers are attributing the spike in prices to a number of reasons, from recent storms and high costs related to roof litigation, to mounting concerns about climate change. A report also found that home insurers have abandoned the state of Florida due to the high costs. States prone to wildfires and tornadoes also ranked near the top for the largest average premium increases in the past two years.

The national average annual cost of home insurance in 2023 climbed to about $1,700, up from $1,175 in 2019. Some of the states where home insurance costs are soaring were affected by natural disasters like Florida (Hurricane Ian). The situation is making it harder for some people to find coverage as insurers are reportedly reducing exposure in certain areas.

Shop around for better rates on home insurance as a strategy for saving money, and consider opting for a higher deductible to lower your premium. Comparing quotes from multiple companies can help you save on your home insurance.



Read more: Home Insurance Prices: 5 States With Biggest Cost Increases