Home insurance costs have risen steadily across the country, but in some states, insurance rates surged by over 50% over the past few years, according to a report.
Nationally, the cost of homeowners insurance rose by 33.8% from 2018 through 2023. Just last year alone, home insurance rates rose 11.3%, per data from S&P Global Market Intelligence. However, the cost of insurance rates has risen by much more in some states, including Texas where homeowners insurance premiums rose by 59.9% between 2018 and 2023.
In addition to the increase in insurance costs over the past years, homeowners insurance premiums are expected to rise a further 6% in 2024, which would place the national average insurance rates at $2,522.
In its analysis, S&P Global Market Intelligence looked at owner-occupied homeowner rate filings submitted by the 10 largest homeowners insurance underwriters in each state to the Department of Insurance between 2018 through Dec. 29, 2023. However, the report did not include Wyoming in the analysis as S&P did not have insurance filings for the state.
10 States Where Home Insurance Rates Rose Most From 2018 Through 2023
Texas
Insurance rate change from 2018 to 2023: 59.9%
Insurance rate change in 2023 alone: 23.3%
Colorado
Insurance rate change from 2018 to 2023: 57.9%
Insurance rate change in 2023 alone: 11.8%
Arizona
Insurance rate change from 2018 to 2023: 52.9%
Insurance rate change in 2023 alone: 21.8%
Utah
Insurance rate change from 2018 to 2023: 51.9%
Insurance rate change in 2023 alone: 20.3%
Nebraska
Insurance rate change from 2018 to 2023: 48.6%
Insurance rate change in 2023 alone: 15.1%
Illinois
Insurance rate change from 2018 to 2023: 45.8%
Insurance rate change in 2023 alone: 18.5%
Oregon
Insurance rate change from 2018 to 2023: 44.8%
Insurance rate change in 2023 alone: 16.5%
California
Insurance rate change from 2018 to 2023: 43.7%
Insurance rate change in 2023 alone: 10.0%
Florida
Insurance rate change from 2018 to 2023: 43.2%
Insurance rate change in 2023 alone: 4.9%
Oklahoma
Insurance rate change from 2018 to 2023: 42.2%
Insurance rate change in 2023 alone: 14.0%
Among all states, the three with the highest effective home insurance rate changes in 2023 were Texas, Arizona, and Utah. On the other hand, the states with the lowest weighted average effective changes in insurance costs in 2023 were Hawaii (1.8%), Vermont (3.8%), Delaware (3.9%), and Mississippi (3.9%).
