US News & World Report
•
11th October 2024
How to Lower Home Insurance Costs
Homeowners across the U.S. are feeling the pinch as insurance premiums steadily rise. According to S&P Global, In 2023, homeowners insurance rates increased by 11.3% on average. Between 2017 and 2023, premiums increased by more than 50% in states like Texas, Utah, Colorado, and Arizona, as reported by the Federal Reserve Bank of Minneapolis.
As these rate hikes outpace inflation, more homeowners are shopping around for cheaper policies. According to the J.D. Power 2024 U.S. Home Insurance Study, nearly 7% of homeowners are actively seeking new policies because their current premiums are simply too high.