Bidenomics: Now Even Homeowners Insurance is Getting More Expensive

A new report found that the average price of home insurance has increased by as much as 34% in some states since 2021.

QuoteWizard analyzed homeowners insurance rates from every major carrier in all 50 states. The average cost of homeowners insurance is up 2% nationwide but many states have seen dramatic changes in price.

“Prices have changed wildly in the last year. Depending on where you live you could be paying a lot more or a lot less. We’ve seen everything from a 25% decrease in Kentucky to a 34% increase in Idaho,” said Nick VinZant, Sr. Research Analyst with QuoteWizard.

To view the full report on how prices have changed in each state, visit: https://quotewizard.com/state-of-home-insurance-2022

Key Findings:

• Average cost of homeowners insurance is now $1,766 nationwide
• Oklahoma is the most expensive state ($3,735), Hawaii is the cheapest ($412)
• Prices decreased in 16 states and increased in 30 states
• Home prices are up 32% since 2020

QuoteWizard’s report also highlights a growing problem facing many homeowners. Home prices and material costs have risen so quickly, many people’s insurance plans may no longer fully cover them.

“It now costs around $40,000 more to build the same home and if you haven’t updated your coverage that extra cost is gonna come out of your pocket,” said VinZant.

Content created by Conservative Daily News and some content syndicated through CDN is available for re-publication without charge under the Creative Commons license. Visit our syndication page for details and requirements.