Bidenomics: Now Even Homeowners Insurance is Getting More Expensive
A new report found that the average price of home insurance has increased by as much as 34% in some states since 2021.
QuoteWizard analyzed homeowners insurance rates from every major carrier in all 50 states. The average cost of homeowners insurance is up 2% nationwide but many states have seen dramatic changes in price.
“Prices have changed wildly in the last year. Depending on where you live you could be paying a lot more or a lot less. We’ve seen everything from a 25% decrease in Kentucky to a 34% increase in Idaho,” said Nick VinZant, Sr. Research Analyst with QuoteWizard.
To view the full report on how prices have changed in each state, visit: https://quotewizard.com/state-of-home-insurance-2022
- Average cost of homeowners insurance is now $1,766 nationwide
- Oklahoma is the most expensive state ($3,735), Hawaii is the cheapest ($412)
- Prices decreased in 16 states and increased in 30 states
- Home prices are up 32% since 2020
QuoteWizard’s report also highlights a growing problem facing many homeowners. Home prices and material costs have risen so quickly, many people’s insurance plans may no longer fully cover them.
“It now costs around $40,000 more to build the same home and if you haven’t updated your coverage that extra cost is gonna come out of your pocket,” said VinZant.
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