Home Insurance Rates Have Soared 38 Percent Since 2019: LendingTree Data

U.S. home insurance rates have rocketed nearly 38 percent since 2019 due to a mix of soaring property values, above-trend inflation, and natural disasters, according to new data published by online lending marketplace LendingTree. In the first three months of 2024, home insurance rates rose 5.8 percent nationwide, led by Nebraska (13.3 percent), Illinois (12 percent), and Montana (11.6 percent). Rates were little changed in three states: Maryland (0.2 percent), Florida (0.1 percent), and Colorado (zero percent). Cumulatively, the growth rate has been higher in Arizona (62.1 percent), Nebraska (59.9 percent), and Illinois (56.9 percent). This year, the average cost of home insurance across the United States is $2,478 annually. Data highlight that the annual average cost is double the national average in two states: Oklahoma ($5,478) and Nebraska ($5,363). In addition, three states enjoyed the lowest cost of home insurance: Hawaii ($549), New Hampshire ($1,096), and California ($1,121)....