Rising home insurance prices are affecting homeowners, especially in states like Florida where 20% pay over $4,000 annually, impacting affordability and mortgage stability.
Experts attribute rising home insurance rates to inflation in building materials and increased claims from extreme weather, which have led insurers to reduce coverage.
"High insurance premiums only add to this cost, forcing buyers in these markets to either stay on the sidelines or settle for a lower-priced home," says Hannah Jones.
The national average for home insurance is about $2,300 annually, but rates have increased by 34% from 2018 to 2023, with Texas facing a 60% rise.
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