Skip to navigation Skip to main content Skip to footer
flexiblefullpage

Residential Products Online content is now on probuilder.com! Same great products coverage, now all in one place!

billboard
Image Summary (Optional)
States along the Gulf of Mexico are seeing the highest rise in insurance costs.
Image Credit
Image: John McAdorey / stock.adobe.com

High home prices have had a major impact on the housing market, and rising home insurance costs aren't helping. According to recent insight from the ResiClub blog, the average U.S. home insurance premium rate rose by 11.3% in 2023. Comparatively, in 2022, insurance premiums increased by 6.6%. Home insurance premiums increased the most in Gulf states, such as Texas and Florida, due to higher climate risk in those areas. However, even homeowners in Indiana and Iowa saw average home insurance premium rates rise by 12.2% and 13.5%, respectively, during 2023.

Home insurance premiums have been increasing faster in coastal states, particularly around the Gulf, with the average Texas homeowner experiencing one of the largest increases last year (+20.3%). That said, these increases are happening far beyond the coast. According to ResiClub’s reporting, the rise in home insurance premiums is due not only to climate risk but also to housing and construction inflation. Replacement and repair costs have soared, and insurers are trying to keep up, although some state insurance commissions are slowing the process.

Read more

 

leaderboard2
catfish1
interstitial1