10 States Where Home Insurance Costs Are Skyrocketing, Threatening Family Budgets
Are you feeling the pinch when it comes to home insurance costs? Well, you’re not alone! According to a recent report by Insurify, the average cost of insuring a $300,000 property in the U.S. skyrocketed by 12% in 2023, hitting around $1,770 per year. That’s enough to make anyone break out in a cold sweat! And guess what? It’s even worse in states that have been hammered by severe weather and other climate-related disasters. The storm is brewing, my friends!
If you call sunny California or balmy Florida home, you might want to brace yourself. More and more insurance companies are packing up their bags and high-tailing it out of these disaster-prone states. As a result, home insurance prices are shooting through the roof for beleaguered homeowners. In fact, the average cost of home insurance in Oklahoma is a jaw-dropping $4,782, a staggering 170% higher than the national average. Yikes! That’s enough to make you want to build an ark and sail away!
And how about Texas? The Lone Star State saw its home insurance rates spike by a whopping 18% in 2023, a mind-boggling 452% more than the growth in wages in the state. The average Texan now shells out around $3,969 for home insurance annually. That’s a pretty penny! Meanwhile, Kansas saw a 19% surge in home insurance rates last year, with residents now forking over an average of $3,245 to keep their homes protected. It’s raining bills in the Midwest!
But wait, there’s more! Surging auto insurance costs are adding fuel to the fire of higher inflation. Nebraska, for instance, faced a barrage of severe weather events in 2023, from winter blizzards to summer tornadoes. It’s no wonder that home insurance rates are on the rise in the Cornhusker State! On the flip side, Massachusetts seems to be the eye of the storm, with home insurance rates actually dipping below the national average. So, if you’re looking to save a few bucks, maybe consider moving to the Bay State!
In the Centennial State of Colorado, the average annual home insurance cost has shot up to $3,308, a significant bump from previous years. It seems like everywhere you turn, homeowners are getting hit with higher and higher insurance bills. So, what’s the solution? Well, until the storm clouds part and insurance rates start to come down, it might be time to batten down the hatches and brace for impact. After all, when it comes to home insurance costs, it’s better to be safe than sorry!
