Gave a presentation in a small town in Northern Michigan last week. A woman raised her hand and told me her home insurance had gone up 30 percent from last year.
Same story from a relative in Milwaukee.
It’s not just Florida and California.
Chicago Sun-Times:
A new study found a typical Illinois single-family homeowner paid almost $1,000 more for home insurance in 2024 compared with three years earlier, a jump of about 50%, making it the second-highest increase in the country.
The average cost last year for $350,000 worth of replacement coverage from one of the six major insurers in Illinois was $2,942, up from $1,968 in 2021, according to a nationwide analysis of insurance rate data by the Consumer Federation of America. The nonprofit examined rates for $350,000 replacement value policies for customers with a credit score of about 740.
In the Chicago metro area, the cost for that level of coverage increased by 46% over the same three-year period, with average annual costs rising from $1,964 to $2,876, the study found.
States like Florida and Louisiana saw higher prices for home insurance, but the rate of increase in Illinois raises concerns about affordability in a state that’s far away from hurricanes and wildfires, the study’s authors said.
Utah was No. 1, with premiums rising an average of 59%. Arizona ranked third at 48% followed by Pennsylvania at 44%.
But prices are rising all around the country, with increases hitting homeowners in about 95% of U.S. ZIP codes. The study also estimated that American homeowners collectively paid about $21 billion more for home insurance in 2024 than in 2021.
Continue reading “Not Just Florida: Home Insurance Hikes Hit Heartland Hard”