As the country continues to face extreme weather events – from wildfires to hurricanes to floods to tornadoes to snowstorms (in the South!) – home insurance rates continue to soar. From 2020 to 2023, insurance costs have risen 33%, going from $1902/year to $2530/year.
And this assumes you can even get home insurance. More and more private insurers, such as State Farm, are pulling out of high-risk areas leaving homeowners with far fewer – and more expensive options.
In the short-term home buyers in high-risk areas face even steeper housing costs.