Home Insurance Rates Surge Over 12% Nationally; Storm-Prone States See Even Larger Spikes, Reducing Affordability and Choice
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Home insurance rates have surged across the U.S., with the average annual cost rising 12% to $1,770. Rates are much higher in states prone to severe weather.
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Florida has the most expensive home insurance in the U.S., with average rates jumping to $9,213 in 2023 - a 421% increase over the national average.
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Oklahoma, Mississippi, Texas, and Kansas have all seen spikes over 20% in home insurance rates last year due to destructive weather events. Rates are now 2-3 times the national average.
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Insurance prices are rising much faster than incomes in most states, putting homeownership further out of reach even in affordable housing markets.
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Insurers are increasingly leaving storm-prone states, reducing competition and choice for homeowners. 10 states now have "crisis-level" issues with availability and affordability of home insurance.