Prices are rising almost everywhere, as the inflation rate measured by the Consumer Price Index has been above 8%. Unfortunately, when it comes to homeowners insurance, premium costs are growing even faster.
According to Policygenius, the average cost to insure a home is up 12.1% year-over-year. As a result, the average premium rose more than $130.
But depending on where you live, prices could be even worse. Three states saw their premiums double the pace of inflation, according to Policygenius.
Here are the top 10 states where home insurance premiums rose the most:
- Arkansas: 18.5%
- Washington: 18.1%
- Colorado: 17.5%
- Texas: 16.0%
- Oregon: 15.4%
- Arizona: 14.8%
- Utah: 14.1%
- Minnesota: 13.9%
- North Carolina: 13.7%
- Illinois: 13.6%
For Californians, the average premium increased by $98, or 9.9% year-over-year, according to Policygenius.
Meanwhile, homeowners in New York saw the smallest increases. Homeowners in the Empire State saw the lowest increases at renewal, with an average premium hike of just $56.
Inflation is one of the main drivers of the increase in premiums. A significant factor in homeowners coverage is the cost of rebuilding your home, which is rising due to supply and labor shortages.
What can you do to ensure you have proper coverage for the best price? Having a trusted insurance advisor can help.
Click here to read about three key coverage features that could provide the best homeowners coverage and help you limit your potential costs.
Image: The skyline of Little Rock, Arkansas, at twilight. (Sean Pavone / Shutterstock)
