Between 2018 and 2024, the cost of homeowners insurance increased faster than inflation, according to a new report from the National Association of Insurance Commissioners. The data – which highlights a growing issue for home buyers already facing challenging affordability conditions – found premiums up in each of the nation’s four regions. In the Northeast, premiums rose 18 percent during that seven-year span, while the Midwest saw a 25-percent increase, the Southeast was up 27 percent, and the West jumped 43 percent. Premiums nationally are up 7 percent just since the beginning of last year. So, why are they increasing so quickly? Well, there are a combination of factors at play, including climate change and rising material costs. Whatever the case, though, Americans’ ability to afford a home is about 10 percent lower than it would be had insurance costs remained stable over the past 25 years. (source)
