Home Insurance Rates Up As Much As 88% In Last Decade, QuoteWizard Finds

SEATTLE, April 22, 2019 /PRNewswire/ -- QuoteWizard®, a LendingTree company, and one of the nation's leading online insurance marketplaces, today released its report that found natural disasters have dramatically increased home insurance rates in every state around the country.

Every year in the United States, natural disasters account for tens of billions of dollars in damages. A significant portion of those damages falls on the shoulders of insurance companies. When insurance companies experience huge loss from natural disaster-related claims, they compensate for that loss with an increase in home insurance rates.

QuoteWizard looked at the National Association of Insurance Commissioners (NAIC'S) 2007 home insurance data and compared it to 2016 for all 50 states to find the home insurance rate increases.

Key Findings:

• Eleven out of the top 15 states were in the larger Tornado Alley boundaries (Oklahoma, Kansas, Colorado, Nebraska, Arkansas, Louisiana, Minnesota, Kentucky, South Dakota, Mississippi, and Texas).

• The average home insurance rate hike for those top Tornado Alley states in the last decade was $580. This was an average increase of 67 percent. In 2016, those states pay on average $1509 per year for home insurance.

• Other than Rhode Island and Connecticut, the Northeastern states sit lower on rate increases, despite receiving heavy rain, hail, and snowstorms. The average rate increases for New Jersey, New York, Maryland, Virginia, West Virginia, Maine, New Hampshire, Delaware, Pennsylvania, Vermont, and D.C. was $274. This was an average 39 percent increase. These states paid an average of $1008 in 2016.

• Western states have the lowest rate increases in the country. Nevada, California, Alaska, Utah, Oregon, Arizona, Hawaii, Idaho, Washington are all among the least 30 home insurance rate increase states. The average rate hikes for these states was only $167. This equates to an average 30 percent increase. These states paid an average of $821 in 2016.

• While California has the second lowest rate increases since 2007 (only $75), it already pays some of the highest rates in the country ($1000). Florida pays the most at $1918, but only experienced a $284 spike in the last decade, a 25 percent increase.

Where Home Insurance Rates Have Increased the Most from 2007 to 2016

Rank	State	2007 Premium	2016 Premium	% Increase	$ Increase
1	Oklahoma	$1,054	$1,875	78%	$821
2	Kansas	$904	$1,548	71%	$644
3	Colorado	$826	$1,446	75%	$620
4	Nebraska	$807	$1,402	74%	$595
5	Arkansas	$762	$1,348	77%	$586
6	Louisiana	$1,400	$1,967	41%	$567
7	Missouri	$726	$1,280	76%	$554
8	Rhode Island	$950	$1,496	57%	$546
9	Minnesota	$800	$1,340	68%	$540
10	Connecticut	$929	$1,455	57%	$526
11	Kentucky	$578	$1,085	88%	$507
12	South Dakota	$618	$1,125	82%	$507
13	Mississippi	$1,019	$1,525	50%	$506
14	Texas	$1,448	$1,937	34%	$489
15	Alabama	$905	$1,386	53%	$481
16	South Carolina	$808	$1,285	59%	$477
17	Georgia	$724	$1,200	66%	$476
18	North Dakota	$771	$1,239	61%	$468
19	Wyoming	$656	$1,120	71%	$464
20	Tennessee	$723	$1,185	64%	$462
21	Montana	$700	$1,130	61%	$430
22	Massachusetts	$1,023	$1,451	42%	$428
23	North Carolina	$674	$1,098	63%	$424
24	New Jersey	$776	$1,174	51%	$398
25	Florida	$1,534	$1,918	25%	$384
26	New York	$936	$1,309	40%	$373
27	Indiana	$647	$1,003	55%	$356
28	Illinois	$700	$1,042	49%	$342
29	Iowa	$610	$945	55%	$335
30	Maryland	$692	$1,022	48%	$330
31	New Mexico	$667	$996	49%	$329
32	Washington	$506	$822	62%	$316
33	Ohio	$540	$850	57%	$310
34	Virginia	$683	$966	41%	$283
35	Idaho	$422	$703	67%	$281
36	Wisconsin	$491	$762	55%	$271
37	West Virginia	$646	$917	42%	$271
38	Maine	$596	$866	45%	$270
39	New Hampshire	$699	$965	38%	$266
40	Delaware	$559	$816	46%	$257
41	Pennsylvania	$689	$927	35%	$238
42	Michigan	$721	$952	32%	$231
43	Vermont	$704	$898	28%	$194
44	Hawaii	$850	$1,026	21%	$176
45	Arizona	$634	$803	27%	$169
46	Oregon	$496	$659	33%	$163
47	Utah	$505	$664	31%	$159
48	D.C.	$1,089	$1,225	12%	$136
49	Alaska	$861	$974	13%	$113
50	California	$925	$1,000	8%	$75
51	Nevada	$695	$742	7%	$47

Methodology:

The National Association of Insurance Commissioners (NAIC) releases an annual report on insurance trends and stats. This report includes average home insurance rates for every state. Rate data is based on HO-3 policies, the most common home insurance policy.

The NAIC recently released their 2016 report, the latest full-year data available. In the table below, we compare annual home insurance rate data from the NAIC's 2007 report with its most recent 2016 report. Rankings are based on states that experienced the largest dollar increase from 2007 to 2016. The table also includes the percentage increase in home insurance rates from 2007 to 2016.

You can find the full story here: https://quotewizard.com/news/posts/home-insurance-rate-increase-by-state

About QuoteWizard
QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.