Homeowners in nearly all 50 states have seen double-digit spikes in the cost of property insurance in recent years as the industry faces soaring costs, including from natural disasters.
A new Moody’s Ratings report says more than 90 percent of the country experienced double-digit rate increases from 2019 through 2024.
In some states, rates jumped up to 60 percent over the five-year period. And in 2023 alone, some states saw rates go up by as much as 30 percent.
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The report underscores that while the rate hikes are highest in climate-vulnerable states such as Florida and California, every part of the country is affected and that insurance costs will continue to rise.
