2024: Are Home Insurance Rates Expected to Go Down?

NEWPORT BEACH, Calif. - Jan. 16, 2024 - PRLog -- Home insurance rates have gone up, on average, around 27% across the country.

Just a couple of days into 2024, State Farm announced that they would be raising California homeowners insurance rates by 20%. This came as no surprise, seeing that home insurance rates have gone up, on average, around 27% across the country.[1]

Several carriers have pulled out of California, which saw rates skyrocket and insurers pull out of the state after suffering unexpected losses caused by wildfires. Florida also experienced the same fate because it was hit hard by severe weather, lawsuits and insurance fraud.

Homeowners insurance rates vary widely from state to state, even city to city. Currently, the average national homeowners insurance rate is $1,820 a year, or about $152 a month.[2] Compare that to the average cost of home insurance in 2022, which was $1,213.89!

SmartFinancial gathered statistics and other data for homeowners to review before renewing their home insurance policies.

To read more, visit https://smartfinancial.com/will-homeowners-insurance-go-down