Map Shows Where Americans Could Pay More as Insurers Cut Coverage
Summary
Homeowners insurance prices in the U.S. have risen significantly from 2018 to 2024, with insurers also cutting back coverage in many areas. The West saw the highest premium increases and the most policy cancellations, while the Southeast had the highest average premiums overall.Key Facts
- Homeowners insurance premiums rose faster than inflation in all U.S. regions between 2018 and 2024.
- Premiums increased by 18.3% in the Northeast, 24.7% in the Midwest, 26.5% in the Southeast, and 43.3% in the West.
- The Southeast had the highest average premium in 2024 at $1,818 per year; the Northeast had the lowest at $1,396.
- Insurers canceled or did not renew many policies, especially in the West where nonrenewals rose by 216%.
- Overall, one-third of all homeowners insurance policies in 2024 were in the West.
- Coastal regions face the largest premium increases and insurer pullbacks due to higher risk from natural disasters.
- Rising costs are linked to more frequent severe weather, expensive building materials, and higher reinsurance costs.
- Lawmakers and regulators are trying to address the shrinking insurance market in disaster-prone states like California and Florida.
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