Stacks of coins in ascending height sit next to a small cutout of a house. A yellow arrow above the coins shows the upward trend of the stacks. Southerners are especially feeling the strain of more expensive coverage, the study found, as their average annual insurance premiums come in at $1,834; above the national average of $1,584. (Credit: SERSOLL/Adobe Stock)

Forty-three percent of homeowners say they have seen an increase in their premiums in the past year, and one-in-ten plan to switch carriers in the near future – most of them to combat these rising costs – according to a recent report from SafeHome. Another 6% plan to save money by changing their insurance coverage, including dropping optional coverages or upping their deductibles.

Southerners are especially feeling the strain of insurance costs, the study found, as their average annual insurance premiums come in at $1,834; above the national average of $1,584. Homeowners in the northeastern U.S. have the lowest average premiums at $1,301.

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Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].

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