The cost of insuring a home in the U.S. has surged nearly 20 percent since 2021 as insurers raise prices to hedge against mounting climate risk and other economic factors, new data shows.
It could get worse. Homeowners across the country are expected to on average see a 6 percent spike in insurance rates in 2024, with the most disaster-prone states poised for double-digit increases. Property insurance in Louisiana, for instance, could soar by 23 percent.
Analysts with Insurify, an insurance cost comparison website, projected that annual costs could rise to $2,522 on average in 2024, up from $1,984 in 2021.
Those increases could have major implications for millions of homeowners who rely on insurance to keep their mortgages and protect themselves from financial disaster.
