Research indicates that homeowners even in states far from California wildfires and coastal flooding are experiencing significant spikes in insurance premiums. Between 2021 and 2024, insurance prices saw major increases in states like Utah, Arizona, and Illinois. Factors contributing to these hikes include severe thunderstorms inflicting losses, inflation driving rebuilding costs, and insurance companies scaling back coverage. This growing crisis affects various states, demonstrating it's not solely a coastal issue but one impacting homeowners nationwide as many struggle with affordability.
The dramatic rate hikes of home insurance are making this critical tool of financial security inaccessible because it’s too costly.
Premiums have been rising faster in Heartland states than coastal states, indicating a broader affordability crisis not just limited to coastal areas.
This insurance crisis is not a coastal crisis; it’s touching every corner of the country, affecting homeowners everywhere.
Between 2021 and 2024, average home insurance premiums in Utah jumped 59% to nearly $1,800 a year, reflecting an alarming trend.
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