Online insurance marketplace Policygenius has found that home insurance premiums at renewal increased 21% on average from May 2022 to May 2023.
The state that saw the highest average increase for homeowners insurance during the time period analyzed by Policygenius was Florida, at 35%. Policyholders here paid nearly $490 more.
On a percentage basis, Idaho (31%), Colorado (30%), South Dakota (28%), Louisiana, Oklahoma, and Texas (each tied at 27%) had the next highest average homeowners insurance increases, said the 2023 Policygenius Home Insurance Pricing Report.
East Coast states saw the smallest increases at renewal in 2023, according to the Policygenius analysis based on internal data from about 17,400 policy renewals from May 2022 to May 2023.
Policygenius said that in each of the 44 states it analyzed for the report, the average premium increase was higher than the previous year.
More extreme weather, a decrease in insurers in some regions due to exposure reductions, and inflation and supply-chain issues were listed by the company as reasons for the homeowners insurance premiums increases.
Topics Trends Pricing Trends Homeowners
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