During the past year, the average cost of home insurance in the U.S. increased 12%, according to Insurify. The insurance comparison website also reported that more frequent and severe storms coupled with higher repair and replacement costs forced premiums up in recent years.
The home insurance market is currently in the process of a correction that will continue through 2024, according to Bill Martin, president and CEO of Plymouth Rock Home Assurance.
"There is probably another year and a half of this to come, and 2024 will not be a reversal of anything that has happened in the last two years," Martin told PropertyCasualty360.com. "It should be maybe more modest compared to what has happened in the past couple of years though."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
