Homeowners Insurance — The National Average Now $2,802 a Year

The insurance comparison site, TheZebra.com says the annual average for homeowners insurance in the U.S. is now $2,802 a year. While that varies from area to area and state to state, the implication is clear.

TheZebra.com's David Seider said the company found homeowners insurance rates are going up 8.7% faster than the rate of inflation. Seider said depending on the ZIP code, some consumers are facing double-digit hikes.

“Inflation is raising rebuilding and repair costs; a growing number of insurers are pulling back from high‑risk areas; and extreme weather events are causing soaring claims,” he noted. “As homes age and climate‑driven disasters mount, we expect premiums to continue to rise. On the bright side, consumers now have more tools than ever to advocate for themselves. By shopping around, comparing their options, bundling insurance, and even investing in home resilience improvements, savvy homeowners can limit cost shocks and better protect their coverage in this ever-shifting market.”

More from the report:

• Price hikes are caused by a combination of factors like inflation, supply chain disruption, tariffs, extreme weather, natural disasters and government regulation
• The highest premiums are in Nebraska and Oklahoma
• The lowest premiums are in the PIA Western Alliance state of Hawaii and in Vermont
• Hawaii’s rates are a quarter of the national average
• Someone with poor credit ratings could pay as much as $7,260 a year
• Good credit rates average $2,260
• That’s a 221% difference

Source link: PropertyCasualty360.com — https://bit.ly/47fNXIg