Home insurance rates will increase up to 24% in some states in 2024

Insurify's 2024 report forecasts a 6% nationwide increase in home insurance prices, while states with coastal climates can expect a double-digit percentage rate hike.

CAMBRIDGE, Mass., April 1, 2024 /PRNewswire-PRWeb/ -- American homeowners will face continued increases in home insurance costs amid a backdrop of escalating climate-related events and economic pressures, according to Insurify's latest Home Insurance Projection report. The report from Insurify, America's top-rated insurance virtual insurance agent, shows Florida, Louisiana, and Oklahoma residents, who already pay some of the nation's highest insurance costs, will face the most severe spikes this year, with a projected 23% increase in Louisiana alone.

Home insurance rates have risen 20% in the last two years, and Insurify projects an additional 6% increase in average premiums by year-end, leading to an average national rate of $2,522 annually.

Certain states' vulnerability to hurricanes poses an increasingly complex problem that challenges the sustainability of local insurance markets in states like Florida. "It's possible that the highest-risk areas will become uninsurable," said Betsy Stella, vice president of Carrier Management and Operations at Insurify. "However, where there's demand, typically a supplier will appear. The question will be, at what cost?"

Insurify's analysis of historical data and current market trends reveals:

• Home insurance costs are projected to increase the most in Louisiana (+23%), Maine (+19%), and Michigan (+14%) by the end of 2024.
• Six of the 10 most expensive cities for home insurance are in South Florida.
• American homeowners are unprepared for flood risks, with at least 60% reporting they don't have flood coverage in an Insurify survey.
• One in four U.S. homeowners say climate change has affected their home's value.
• Florida homeowners pay the most for home insurance, with an average annual rate of $10,996 in 2023. Insurify predicts costs will increase an additional 7% in 2024 to $11,759.

See Insurify's 2024 Home Insurance Projections report for more insight on home insurance rates and industry trends for all 50 states.

About Insurify

Based in Cambridge, Massachusetts, Insurify, America's top-rated virtual insurance agent, provides expert advice and empowers customers to securely compare, buy, and manage their auto and home insurance policies from the largest selection of accurate quotes. With more than 70 million quotes served, Insurify has won several industry awards, including Inc.'s 5,000 fastest-growing private companies in America of 2023, Forbes Fintech 50 List for 2023, Forbes Next Billion Dollar Startups of 2022, WPO's 50 Fastest Growing Women-Owned and -Led Companies 2022, Stevies' Gold International Business Award for a Medium-Sized Insurance Company 2021, EY's 2021 New England Entrepreneur of the Year, and Insurtech Insights' Future 50 2021. For more information, visit Insurify.com, and follow us on LinkedIn.

Media Contact

Jessica Edmondson, Insurify, 1 480-286-2411, [email protected], https://insurify.com

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SOURCE Insurify