Home insurance costs surge nearly 20% since 2021, with further increases expected in 2024 and beyond.

The cost of insuring a home in the US has risen nearly 20 percent since 2021 due to increased insurance prices due to climate risk and economic factors. Homeowners across the country are expected to see a 6 percent increase in insurance rates in 2024, with most disaster-prone states expected to have double-digit increases. Property insurance in Louisiana could see a 23 percent increase. Analysts with Insurify predict annual costs could rise to $2,522 on average in 2025, up from $1,984 in 2021. These increases could impact millions of homeowners who rely on insurance to keep their mortgages and prevent financial disaster.