An illustration of a percentage symbol launching upward. Despite the impact it has had on insurance rates, only 25% of those surveyed told Insurify they believe climate change has hurt their home value. Credit: Feodora/Adobe Stock

Between 2021 and 2023, home insurance premiums in the United States increased by 19% — from an average of $1,984 per year to $2,377 — largely driven by climate disasters and inflation, according to a new report on home insurance affordability from Insurify. While an intense hurricane season has the potential to cause premium increases next year, Insurify predicts Americans will see a more modest premium increase of 6% in 2024, putting the average annual homeowners insurance rate at $2,522 by the end of the year.

Some areas will experience much more dramatic increases, however. The report forecasts the states that will see the largest home insurance rate increases in 2024 are Louisiana (+23%), Maine (+19%), Michigan (+14%), Utah (+13%), Montana (+12%), South Carolina (+11%), North Carolina (+10%), Illinois (+10%), Connecticut (+9%) and Nevada (+9%).

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Brittney Meredith-Miller

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

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