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Homeowners Insurance Costs Soar 40% in Just 6 Years

Homeowners across the U.S. have seen insurance premiums climb by a staggering 40.4% from 2019 to 2024, according to LendingTree’s 2025 State of Home Insurance Report.

  • After modest increases from 2019–2021, rates surged in the past three years: 5.4% in 2022, 11.0% in 2023, and 11.4% in 2024.

  • The average annual premium nationwide is now about $2,801

Where Are Rates Rising the Most?

The biggest six-year increases:

  1. Colorado: +76.6%
  2. Nebraska: +72.3%
  3. Utah: +70.6%

These states have each faced numerous billion-dollar natural disasters between 2019–2024

In 2024 alone, Montana and Nebraska saw rates jump 22.1%, while Florida, Texas, and New York saw more modest growth (1.7–3.8%).

Highest average premiums

All these states exceed the national average by more than 90%.

  1. Oklahoma: $6,133/year
  2. Nebraska: $5,912
  3. Kansas: $5,412

Why It Matters

According to Rob Bhatt, LendingTree’s home insurance expert, insurers have experienced mounting costs from payouts, especially those tied to natural disasters. To stay financially sound, even those in areas with fewer catastrophic events are seeing rate hikes.

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