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How much has home insurance gone up?
I just received my renewal notice for my homeowners insurance. The insurance company has raised my insurance premium by almost $100, which wouldn’t be such a big deal if it hadn’t already gone up the same amount the year before. How much has home insurance gone up recently?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you mean year-to-year, then the average home insurance increase from 2021 to 2022 was 6%. However, if we look back over the past five years—from 2017-2022—the average increase has been 11%.
In addition, certain parts of the country have seen steeper premium increases than others. For instance, in South Florida, some people have seen rate increases of 20% from 2020 to 2021.
Why is this happening? The reasons are numerous. From increased risks of natural disasters and burglary to inflation pressures and steeply rising home valuations, insurers are trying to cover their losses—both realized and potential.
What can you do to lower your homeowner premiums? Here are some strategies:
- Bundle your insurance policies. Taking out your home and auto (along with other insurance) policies with the same insurance company typically qualifies you for a discounted rate.
- Increase your deductible. Consider whether you can live with a higher deductible, as this will lower your premium.
- Comparison shop. Don’t just automatically renew your old policy. Shop around for a better rate.
Concerned about rising home insurance costs? Whether you’re shopping for renters, home, or
car insurance
, let Jerry
do the hard work of gathering quotes for you. Jerry contacts your home or renters insurance company to get the details of your current coverage so you don’t have to scale a mountain of questions. You get all the best prices and coverage with none of the legwork.
Better yet, Jerry will help you bundle your home and auto insurance for even bigger savings.
MORE:
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- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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