The recent devastation wrought by two major hurricanes have put the question of home insurance on the proverbial front burner. A recent article from Realtor.com says rising home insurance prices are affecting homeowners across the country with some states are feeling the pain more than others. Topping their list of states with the highest insurances prices is Florida, scene of two recent destructive hurricanes. They say 20% of Floridian homeowners are paying at least $4k per year for home insurance – the highest share of any state. In addition, they say across the nation home insurance rates rose 34% from 2018-2023 with Texas seeing the biggest increase, with premiums jumping 60%, followed by Colorado, Arizona, and Utah.
In recent years, many insurance carriers have paid out more in claims than they collected in premiums. They’ve responded by raising their rates and reducing their coverage, particularly in areas prone to extreme weather and wildfires
Higher premiums can make it harder for homeowners at the edge of their affordability range to meet their monthly mortgage payment obligations.
Click here to read the full report.
