The states with the highest overall home insurance premiums are those that are prone to severe weather, including hurricanes, tornadoes and wildfires. According to the report, these states include:

Florida: The average annual rate of $10,996 per year is projected to grow 7% to $11,759 in 2024.
Louisiana: The average annual rate of $6,354 per year is projected to grow 23% to $7,809 in 2024.
Oklahoma: The average annual rate of $5,444 per year is projected to grow 5% to $5,711 in 2024.
Texas: The average annual rate of $4,456 per year is projected to decrease slightly to $4,437 in 2024.
Mississippi: The average annual rate of $4,312 per year is projected to grow slightly to $4,482 in 2024.
Colorado: The average annual rate of $4,072 per year is projected to grow 7% to $4,367 in 2024.
Nebraska: The average annual rate of $3,962 per year is projected to grow 8% to $4,292 in 2024.
Alabama: The average annual rate of $3,939 per year is projected to grow 9% to $4,281 in 2024.
Kansas: The average annual rate of $3,437 per year is projected to grow 7% to $3,666 in 2024.
Arkansas: The average annual rate of $3,368 per year is projected to grow 9% to $3,662 in 2024.

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. Among those who have actually filed a homeowners claim, 40% believe climate change has affected their home value. Generational differences appear to affect this belief, as well, with Gen Z and millennials more than twice as likely to believe their home value has been affected by climate change compared to those in Gen X.

Special Reports /

Some states will see homeowners rate increases as high as 23% in 2024

Related Stories

Recommended For You