U.S. home insurance rates have increased nearly 38% since 2019, according to a new report released by LendingTree.
The online lending marketplace named rising home prices, growing inflation, and natural disasters as the most significant factors causing the dramatic increase in rates.
Homeowners in Arizona, Illinois, and Nebraska have been the hardest hit by rate increases. Their insurance bills have jumped by more than 55% since 2019.
So far in 2024, rates have climbed an average of 5.8%, pushing the average annual cost of home insurance across the U.S. to $2,478.
