Home Insurance Premiums Predicted to Hit Record Highs by 2024 Due to Climate Risks and Rising Repair Costs

• Home insurance rates in the US will hit a record high of $2,522 per year by 2024, up 6% from 2023 • This increase is driven by more natural disasters, fewer insurance providers, and higher home repair costs • Florida currently has the highest average premium at nearly $11,000 per year • Louisiana is forecast to see the biggest premium hike in 2024 at 23% due to climate risks • Insurers are struggling to stay profitable and some are exiting high-risk states entirely