If you’re a homeowner, brace yourself for higher home insurance prices this year. According to a recent forecast from Insurify, the average annual premium is expected to exceed $2,500 nationally. For residents of the most hurricane-prone state, that means shelling out almost $12,000 for homeowners insurance.
The projection indicates a 6% increase in home insurance costs in 2024, pushing the average premium to $2,522. This uptick follows a 20% rise from 2021 to 2023, with the average cost climbing from $1,984 to $2,377. The surge is attributed to increased building expenses and recent climatic catastrophes.
Insurify highlights that eight states, particularly those susceptible to coastal storms, are likely to see double-digit percentage hikes in home insurance prices this year. Louisiana leads the pack with a projected 23% increase in premiums, soaring from an average of $6,354 to $7,809. However, it’s Florida that tops the list for the highest insurance costs, with an expected jump from $10,996 to $11,759. Notably, Florida residents pay around 12 times more for home insurance compared to Vermont, where the average premium was $918 last year.
Betsy Stella, Insurify’s Vice President of Carrier Management and Operations, warns that the highest-risk areas in the country could soon become “uninsurable.” Some insurance companies have already restricted their operations in certain markets or even withdrawn from states altogether. Stella raises concerns about the affordability of insurance in such high-risk regions.
Top 10 Most Expensive States for Home Insurance
In a list dominated by coastal states facing hurricane and flood risks, other states impacted by wildfires and tornadoes also feature among the top 10 states with the highest home insurance costs as of 2023:
- Florida: $10,996
- Louisiana: $6,354
- Oklahoma: $5,444
- Texas: $4,456
- Mississippi: $4,312
- Colorado: $4,072
- Nebraska: $3,962
- Alabama: $3,939
- Kansas: $3,437
- Arkansas: $3,368
For 2024, here’s the projected average cost of home insurance policies in these states:
- Florida: $11,759
- Louisiana: $7,809
- Oklahoma: $5,711
- Texas: $4,437
- Mississippi: $4,482
- Colorado: $4,367
- Nebraska: $4,292
- Alabama: $4,281
- Kansas: $3,666
- Arkansas: $3,662
These figures represent the average annual costs for homeowners with good credit and no recent claims, with a policy offering $300,000 of dwelling coverage and $300,000 of liability coverage.
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