Many home insurance premiums are rising faster than inflation

[Zorro]

Lumber prices, supply chain disruptions and climate change are driving costs upward.

Ken Hoagland was surprised to see his monthly mortgage payment increase recently.

“I noticed that our mortgage had gone up $100 on a $1,250 mortgage,” he said. “So, I looked into it. First, I called the mortgage company and they said, ‘It’s costing a lot more to insure your house. Talk to [the insurance company].’ So then I called USAA and said, ‘What’s going on?’”

Across the country, homeowners renewing their policies are discovering that rising material costs, supply chain disruptions and climate change are combining to drive premiums up by an average 4 percent to an average annual premium of $1,398, according to the Insurance Information Institute, a nonprofit organization known as Triple-I that provides information on the insurance industry. Triple-I uses data from Standard & Poor’s Global Market Intelligence for its analysis.

Since 2017, premium rates are up 11.4 percent on average, which means they are rising faster than inflation — and insurance experts expect that the rates will stay high.

https://www.washingtonpost.com/business/2021/12/27/rising-home-insurance/

Insurance on my Florida home went up 70% over last year. Thanks DeSantis.

[jimfields33]

1. I pay 1575 a year for home owners insurance

Florida has gone up especially in central Florida because of fraudulent roof appraisals.

[PXR-5]

2. And they don't cover much anymore

Other than fire, burglary, and a tree falling on your house, I don't think mine covers anything else.

[MiniMe]

3. Mine is $982

That was for this year, we'll see what it is for next year

[rso]

4. Homeowner's insurance

I pay almost 4k in South Florida, with an 8k deductible for wind damage.

[Comfortably_Numb]

5. Texas rates are going to be sky high bc of the freeze, just like our utilities now.

I think Texas is at the top of electricity rates, or very best.