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Price isn't the only thing to consider when choosing your home insurance company, but for most homeowners it is certainly a factor to be considered. Data from S&P Global Market Intelligence shows homeowners premiums rose an average of 12.2% nationwide from 2017 to 2021, which has set many insureds on the hunt for a potential new carrier as they compare quotes.
According to the Insurance Information Institute (III), a key factor that has driven homeowners premiums higher is growth in insured losses due to natural catastrophes, including tornadoes, wildfires and floods. The cost of these disasters reached $92 billion in 2021, with a total of $400 billion in costs between 2017 and 2021.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
