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Insurance Rates Are Up Nearly 40% Since 2019

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According to an article published by Lending Tree, homeowner’s insurance rates are up 37.8%, cumulatively, since 2019. A huge part of this increase is likely due to a spike in home prices across the country. In 2019, you could buy a home in a nice area for around $300,000. That same home today is worth around $600,000. As home prices rise, so do the rates to insure these more expensive homes. On top of this, inflation has caused the cost of building materials to spike, creating a problem where homes that could have been rebuilt for $250,000 one day have now doubled in cost.

Finally, climate change has had a significant impact on homeowner’s insurance rates. More and more natural disasters are devastating the U.S., causing insurers to raise their premiums to meet the growing cost of insuring homes in high-risk areas such as the mid-west, south-eastern coast, Colorado, and California. At the moment, the most losses are occurring due to wind and hail, creating multi-billion-dollar losses per insurance company per year.

States with the Highest Cumulative Increases

  1. Arizona, 62.1%
  2. Nebraska, 59.9%
  3. Illinois, 56.9%
  4. Utah, 54.6%
  5. Texas, 54.5%
  6. Colorado, 50.7%
  7. South Dakota, 49.7%
  8. California, 48.4%
  9. Minnesota. 45.2%
  10. Montana, 44.3%

In our home state of Colorado, home insurance prices are, on average, $4,042, which is 63.1% higher than the national average. If you’re still seeing homeowner’s rates below $4,000, consider yourself one of the lucky ones!

If you have questions about your homeowner’s insurance or want to see what other rates are out there during this tumultuous time, give us a call!

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