Home insurance premiums have seen a rise, yet the pace of increase has slowed, hinting at a possible return to market stability despite ongoing turbulent risk factors such as climate change.
The analysis highlighted that after years of financial strain, major insurers turned profitable by mid-2024 due to necessary rate increases from state regulators to address rising claims costs.
The average homeowner renewing their policy in 2024 faced a staggering 69% increase in premiums over three years, equating to an additional $865 per year.
Despite initial high-risk withdrawals, many national insurers, including Safeco and Travelers, are re-entering states they had previously avoided, leading to a 60% increase in available quotes.
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