Insurers may be fleeing California, but the Golden State isn’t the only place facing homeowner woes. New data compiled by realtor.com found that Texas is actually the state in the U.S. where insurance costs have risen the most from 2018-2023.
As a whole, national home insurance rates rose rose 11.3 percent in 2023. From 2018-2023, rates have increased 33.8 percent.
In Texas, though, insurance rates have risen 59.9 percent over the past five years. California homeowners say rates rise 43.7 percent over the past five year, landing at no. 8 on the list of most impacted states.
Colorado, Arizona, Utah and Nebraska round of the top five. Vermont had the smallest rate increase over the past five years, up just 5.8 percent.
“We know the trajectory of climate risk,” said Benjamin Collier, a risk management and insurance professor at Temple University in Philadelphia. “As we expect the risks to go up, the costs of insurance have to go up over the next couple of decades.”
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