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The surge in home insurance prices isn’t over yet. The average annual premium will likely top $2,500 nationally this year, and homeowners insurance will cost nearly $12,000 in the country’s most hurricane-prone state.
A recent forecast from Insurify, an online marketplace, predicts that the cost of home insurance will increase 6% in 2024, which would bump the average premium up to $2,522.
The average cost of home insurance in 2023 of $2,377 is already up 20% since 2021, when the average premium was $1,984.
Insurify says that higher building costs and recent climate catastrophes are to blame for the rise in premiums. Eight states, most of which are vulnerable to coastal storms, are expected to experience double-digit percentage increases in home insurance prices this year.
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