Financereal Estate News

"Rising Home Insurance Costs: Impact and Solutions Across the US"

The average cost of home insurance in the U.S. surged 12% in 2023, with states like Florida, Oklahoma, and Mississippi experiencing the highest increases due to severe weather and climate-related catastrophes. Insurance companies leaving certain states and concerns over hurricane risk have driven prices even higher for homeowners, making homeownership less attainable. The astronomic rise in insurance premiums is further exacerbating the challenges of surging mortgage rates and home prices, potentially forcing families to leave these high-cost states.