A New Debate — Which is Worse? Homeowners Insurance or Taxes

Bloomberg Intelligence did an analysis of homeowners insurance rates and found in two-thirds of the counties in this country premium rates are higher than the average property tax bill.

The news service found the average homeowners policy has gone up 45% in the last decade. Some states are seeing rates going even higher than the 45%. In the Midwest and Mountain West hail and winter weather are driving up rates.

The West coast and in the Southwest wildfire dominates. The Southeastern states have seen the smallest increases.

On a national level, Bloomberg’s Andrew John Stevenson said homeowners are paying 14% more for their insurance than their tax bill. Factor auto insurance into the insurance premiums and they rise to 30% more.

Deductibles are also going up.

Source link: Insurance Journal — https://bit.ly/4zg8lUT