With nearly half of all U.S. homes are at risk of severe or extreme damage from environmental threats, home insurance costs have been steadily increasing across the nation during the past few years, with some insurance providers pulling out of states such as Florida and California entirely. Nationally, home insurance rates increased by 33.8% from 2018 through 2023, rising 11.3% in 2023 alone, according to S&P Global Market Intelligence, as reported by Realtor.com. But in some states, rates have risen by much more.
S&P's analysis looked at rate filings for the 10 largest homeowners insurance underwriters in each state from 2018 through Dec. 29, 2023 and found that insurance rates have risen most in:
1. Texas
Homeowners' effective insurance rate change from 2018 to 2023: 59.9%
Median home list price in March: $365,000
2. Colorado
Homeowners' effective insurance rate change: 57.9%
Median home list price: $599,900
3. Arizona
Homeowners' effective insurance rate change: 52.9%
Median home list price: $500,000
4. Utah
Homeowners' effective insurance rate change: 51.9%
Median home list price: $600,000
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