Mortgage News - Securing Homeowners In America For 2023

Securing Homeowners In America For 2023

Mortgage News July 13, 2023

The research team at Insurify has conducted a study indicating that homeowners insurance rates may experience a 9% increase in 2023. Factors such as supply chain issues and the impact of climate change are believed to contribute to this rise. On average, homeowners can expect to pay $1,784 per year for their insurance premiums.

Based on estimates derived from Insurify’s collected property data, analysts have determined that home insurance rates increased by approximately 7% in 2022 compared to the previous year. The average annual premium rose to $1,636.

The study also indicates that homeowners in Florida, Oklahoma, and Louisiana pay the highest premiums for homeowners insurance. Florida, in particular, stands out as the most expensive state, with an average premium of $7,788 per year. Oklahoma follows with an average premium of $6,853, while Louisiana comes in at $5,353. Nebraska rounds out the top ten list of the priciest states, with an average premium of $4,064 per year.

Notably, beachfront property owners face the highest homeowners insurance premiums at a hyperlocal level. In Hallandale Beach, Florida, annual premiums soar to $12,578, while other Florida metros such as Hialeah, Miami, and Lake Worth also experience high average premiums of $12,319, $11,258, and $10,741 respectively.

Insurify.com’s study highlights that the majority of the top ten most expensive cities for homeowners insurance are located in Florida, Louisiana, and Oklahoma. These states, known for their high risk of severe weather events, face higher premiums. Alabama’s Orange Beach also ranks among the costliest cities. For more information on the insurance costs in these cities and states, visit insurify.com.

Experts suggest that there are multiple factors that contribute to the escalation of premiums. These factors include inflation, climate patterns, material costs, supply chain disruptions, and an increase in claims for damages caused by fire and water. Additionally, the cost of homeowners insurance is influenced by the homeowner’s credit score, the ZIP code they reside in, and the desired level of coverage.

Additionally, experts note that the occurrence of severe weather events and natural disasters, such as floods, earthquakes, hurricanes, and wildfires, is another contributing factor to the rising costs of coverage.

Insury agents suggest that homeowners who install secure rooftop HVAC systems, reinforce their roofs, and install hurricane shutters can potentially receive reduced insurance rates.

Need a loan officer list, real estate agent list, insurance agent list, investment advisor list or contractor list in your area? Contact Jennifer Swanson at 260-223-9203 or Jennifer@SpecialtyContactDatabases.com

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Securing Homeowners In America For 2023

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