The median annual U.S. home insurance premium rose by 33% between 2020 and 2023, outpacing the 28% growth in home prices during the same period.
Disaster-prone areas, particularly Florida, experienced the largest increases, with nine of the top 15 counties in the state. Prince William County, Virginia, led the nation with a staggering 150.2% rise in premiums, followed by Louisiana and Utah counties seeing substantial hikes.
Florida’s home insurance woes stem from high climate risks, litigation, and fraud, exacerbated by Hurricane Ian in 2022.
Rising costs, new structural safety rules after the Surfside condo collapse, and a slowdown in remote work migration have compounded affordability challenges. Analysts predict Florida’s housing market remains vulnerable to corrections in the near term.
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