The effects of climate change are putting some states that have historically had lower premiums in the line of fire for more frequent and severe weather events.
By Brittney Meredith-Miller | April 01, 2024 at 08:37 AM
Despite the impact it has had on insurance rates, only 25% of those surveyed told Insurify they believe climate change has hurt their home value. Credit: Feodora/Adobe Stock
Between 2021 and 2023, home insurance premiums in the United States increased by 19%— from an average of $1,984 per year to $2,377— largely driven by climate disasters and inflation, according to a new report on home insurance affordability from Insurify. While an intense hurricane season has the potential to cause premium increases next year, Insurify predicts Americans will see a more modest premium increase of 6% in 2024, putting the average annual homeowners insurance rate at $2,522 by the end of the year.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [emailprotected].
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