Homeowners insurance has risen over 50% in these states
But the increase hasn't been uniform: According to a new report from the Consumer Federation of America (CFA), some states have been hit harder than others.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.Amica offers two tiers of homeowners insurance coverage — a standard policy and the brand's unique Platinum Choice homeowners insurance. The latter offers extended coverage for jewelry, liability and covers more situations than a standard homeowners insurance policy. Add-on options include computer coverage, sump pump backup coverage, and dwelling replacement coverage.Progressive doesn't underwrite its own insurance policies. Through its HomeQuote Explorer platform, however, it gathers multiple quotes from over a dozen top insurers to help you quickly compare and save.
The sharpest spike was in Utah, where they soared 59%, from an average of $1,126 in 2021 to $1,795 just four years later. The chief culprits, according to Utah Insurance Commissioner Jon Pike, are more homes being built in wildfire-prone areas and a traditionally underpriced insurance market finally adjusting for inflation.
The top five biggest increases were in:
"The skyrocketing price of insurance premiums is deepening the housing crisis … and homeowners across the country are feeling the strain," CFA Director of Housing Sharon Cornelissen said in a statement.
The report analyzes data from Quadrant Information Services, which collected rates from more than 100 insurance companies across nearly every ZIP code for a homeowner with a mid-range credit score and a house with a $350,000 replacement value policy.
In only three states did premiums decline or remain stagnant.
According to the CFA, the most expensive states to insure your home are Florida, Louisiana, Oklahoma, Kentucky and Nebraska. In Florida, a homeowner with fair credit and $350,000 in dwelling coverage could expect to pay $9,462 a year, or $789 a month, in 2024. That's a bump of nearly 30% from 2021, when the same policy would average $7,344.
Several factors have driven up premiums, according to the CFA:
To address this crisis, the CFA's report urges increased action by both the state and federal government to regulate insurers and protect consumers.
"The insurance commissioners and lawmakers we depend upon to ensure that this critical coverage is available and affordable have not done enough," said CFA Director of Insurance Douglas Heller. "Americans are stuck buying insurance from companies that our public officials seem afraid of."
Despite rising premiums, there are ways homeowners can lower their monthly premiums.
Many insurers offer bundling discounts for taking out both home and auto policies. Not only do members save, but they enjoy the convenience of all their policies being on the same app or website.
One of the country's largest home insurers, Allstate earns praise for its customizable policies and competitive rates, and customers can save up to 25% by bundling car and auto policies.
The best way to estimate your costs is to request a quote
Yes
Allstate offers auto insurance customers a total of 14 discounts in addition to a pay-per-mile car insurance program. It offers quotes by phone, through an agent, or online. The company also offers a number of other insurance products to bundle your coverage and save.
The best way to estimate your costs is to request a quote
Not disclosed
Yes
Allstate's homeowners insurance can help you cover your living space with a variety of optional coverages and discounts. Standard homeowners insurance through Allstate can cover your home's dwelling, your liability and personal property, and guest's medical expenses. Optional coverages include HostAdvantage to cover your belongings when home-sharing, and flood insurance through the NFIP.
Coverage for flooding is additional.
Bundling isn't always cheaper, however, so get several quotes with the same coverage limits and deductibles when you are comparing.
If your premiums are going through the roof, see if you need all the coverage you're paying for.
To estimate how much insurance you need, you should find out the cost of rebuilding your home. Check with a local real estate agent or builders association about per-square-foot building costs in your area. Then multiply that figure by the total square footage of your home.It's worth reviewing your personal property policy, as well. If you sold your art collection, for example, you can cancel the floater you took out on it.
Don't skimp on coverage simply to save money, though, or you could pay dearly if disaster strikes.
If you're in a position to cover more out-of-pocket costs, you could save on month-to-month costs by raising your annual deductible. According to the Insurance Information Institute, an increase from j$500 to $1,000 could save you as much as 25% on premiums,
Take a good look at your emergency fund and make sure you can afford the upfront costs if something happens to your home.
In most states, insurance companies consider your credit history when calculating your monthly premiums. While your insurance score is different from your FICO score, it's determined using many of the same criteria.
A strong track record of on-time payments can help boost your insurance score, as can paying the full balance every month.'
Look for insurers that issue policies in your state, meet your budget requirements and offer the coverage you need. Any contenders should also be financially solid (usually with an A+ or better from A.M. Best) and have high customer satisfaction scores from J.D. Power.
Nationwide made our list of the most affordable homeowners insurance and ranked above average for customer satisfaction with the claims process in J.D. Power's 2024 survey.
The best way to estimate your costs is to request a quote
Not disclosed
Yes
Policy covers home and property damages caused by theft, fire and weather damage. It also covers personal liability, loss of use and unauthorized transactions on your credit card
Water damage, earthquakes, flood insurance, identity theft, high-value items, rebuilding home after loss (these can all be purchased as add-ons for extra coverage)
Terms apply.
The increase in the number and severity of severe weather has led to a spike in claims in many parts of the country, as has the increased cost of labor and housing materials.
The cost of homeowners insurance is impacted by where you live, the condition of your home and the amount of coverage you want— as well as personal factors like your credit history, marital status and history of filing claims. Comparing quotes from at least three insurers should help you find cheap homeowners insurance.
According to the Insurance Information Institute, a quick way to estimate the amount of insurance you need is to multiply the total square footage of your home by local, per-square-foot building costs. A local real estate agent or builders association can help determine construction costs in your area.
There are many reasons you may be rejected for homeowners insurance, from your property being in a high-risk area to your history of filing claims in the past. If you've been turned down numerous times, see if your state offers Fair Access to Insurance Requirements (FAIR) plans, which enable high-risk homeowners to get coverage. You may also want to look into a surplus line policy.
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every homeowners insurance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of homeowners insurance. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
27 minutes ago
- Business Upturn
Presentation Uncovers Why Millions Could Be Headed West Again—Just Like 150 Years Ago
Washington, D.C., Aug. 10, 2025 (GLOBE NEWSWIRE) — A presentation from former CIA advisor Jim Rickards unveils an unexpected trend emerging across the U.S.— a coming wave of domestic migration not driven by housing markets or politics, but by resources, geography, and history. 'We've seen this before. Entire cities formed overnight when people went looking for opportunity beneath their feet.' The American Migration Story Is About to Repeat Itself From the California Gold Rush to the Texas oil boom, America has a long history of internal migration driven by the discovery of valuable resources. According to Rickards, the next wave is already forming—and this time, the migration may not be physical, but financial and digital . 'You don't have to uproot your family or endure months of labor. The modern rush is quieter—but just as real.' Why Forgotten Regions Are Becoming the New Frontier Rickards outlines how regions once dismissed as 'flyover country' are now being reexamined for their rich, untouched mineral reserves . He points to vast public lands in the Mountain West, the Southwest, and Alaska as potential epicenters for new development, infrastructure, and technological growth. 'About 90% of this land is concentrated out west… many of the deposits have never been touched.' Cities Don't Just Appear—They're Built on What's Below Throughout the briefing , Rickards draws a straight line between natural resources and the birth of America's most iconic cities. Denver, Birmingham, Houston, and San Francisco didn't just happen—they rose because of the minerals that lay beneath them. 'Houston was known as 'Mexican Texas' until the discovery of Spindletop. Then everything changed.' Could the Same Thing Happen Again? While the circumstances are different, Rickards says the pattern is clear: when the country needs to rebuild, it turns inward—and downward. And this time, instead of pickaxes and railroads, the boom could be powered by AI infrastructure, advanced manufacturing, and energy-hungry tech. 'These minerals are fueling everything—from chips to satellites to next-gen cities.' About Jim Rickards Jim Rickards is a former advisor to the CIA, the Pentagon, and the White House, with over five decades of experience in intelligence and economic strategy. He currently leads Strategic Intelligence , a monthly briefing series that helps Americans anticipate and prepare for major economic and societal shifts—before they hit the headlines. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Newsweek
3 hours ago
- Newsweek
Ivy League School Waives Tuition for Low-Income Students in Aid Expansion
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Princeton University, one of the "Big Three" Ivy League schools, has expanded its financial aid program as it welcomes the Class of 2029, which it says comprises the school's "largest-ever number of low-income students." Newsweek has reached out to Princeton University for comment via email on Sunday. Why It Matters Princeton's announcement comes after months of the Trump administration targeting colleges and universities, threatening to withdraw federal grants and pressuring them to meet its demands, all amid a broader affordability crisis with millions of Americans struggling to pay off trillions in student debt. Last month, with the passage of President Donald Trump's "One Big Beautiful Bill," universities with very large endowments, such as Princeton, will face a new tiered tax on their endowment investment income, with rates up to 8 percent. What To Know In an August 7 press release, Princeton's office of communications said, "Most families with incomes up to $150,000 a year will now pay nothing for their student to attend Princeton, receiving aid to cover the total cost of attendance, including tuition, housing, food, books and personal expenses." For the 2025-26 school year, Princeton estimates the cost of attendance at about $91,000. That includes $65,210 for tuition, roughly $12,500 for housing, about $9,000 for food, just under $300 in fees, and a little over $4,000 for miscellaneous expenses such as books and personal costs. The cost of college has soared exponentially in recent decades, with Princeton's tuition climbing about 165 percent since 2000, when it was $24,630. Blair Arch is viewed on the Princeton University campus, Wednesday, March 19, 2025, in Princeton, N.J. Blair Arch is viewed on the Princeton University campus, Wednesday, March 19, 2025, in Princeton, N.J. Phelan M. Ebenhack via AP The announcement also noted that "most undergraduate families with incomes up to $250,000 will pay no tuition." It is not clear how the university will determine who will and won't pay tuition. Families with incomes up to $350,000 "will receive grant aid, including those at higher income levels with multiple children in college." The selective school said it is welcoming a first-year class with the "largest-ever number of lower-income students." Higher education has long struggled with opportunity, affordability, and access. Princeton noted that around 25 percent of the incoming class are eligible for federal Pell Grants, the highest in the University's history. The university estimates that the average aid package for the coming school year will be more than $80,000, with around 69 percent of the class qualifying for some aid. To do so, the university is drawing on its endowment, valued at about $34.1 billion and has averaged a 9.2 percent annual return over the past decade. According to analysis by the conservative think tank, American Enterprise Institute, Princeton could face a $217 million tax on its endowment next year. Universities may be able to reduce their endowment tax liability by expanding financial aid programs, which can lower the number of tuition-paying students counted under the law. What People Are Saying Princeton University Provost Jennifer Rexford said in the press release: "Through our increased investment in financial aid, we are making the transformative experience of a Princeton education more affordable for more students than ever." Nonresident AEI senior fellow Mark Schneider and research associate Christopher Robinson, wrote in a July 14 analysis: "The actual revenue generated by the endowment tax might differ from our estimates if universities alter their behavior. If some decide to expand student enrollment, that could lower their tax liability by reducing assets held per student. Taxable income would also be reduced if endowments adopt a variety of tax sheltering strategies, or if they decide that now is the time to realize capital losses on underperforming assets." What Happens Next The university's new financial aid program takes effect this school year, with classes starting in September, and first-year programming beginning later this month. Elsewhere, some top universities, such as Harvard, Yale, and Stamford are laying off staff and imposing hiring freezes, according to the Associated Press.
Miami Herald
5 hours ago
- Miami Herald
Verizon scrambles to keep angry customers after cutting discounts
Last week, Verizon (VZ) ignited uproar from customers after it pulled the plug on several beloved discounts at a time when phone bills are creeping up in price. Several Verizon customers took to social media to flag that they received emails from the phone carrier warning them that their loyalty discounts will be removed from their accounts next month. These discounts, which usually ranged between $10 and $40, were renewable and were provided to keep customers from switching providers. Don't miss the move: Subscribe to TheStreet's free daily newsletter Many customers were livid about the change; some even threatened to cut ties with the company. It is no surprise that customers were upset, since higher prices for phone services are becoming a growing reality. Related: Verizon revokes generous offers, angering customers According to a recent report from Doxo, the average amount of money 94% of Americans spent on phone bills per month last year is $121, a 2% increase from what they spent monthly in 2023. The move from Verizon comes after it issued several price hikes for its phone plans. In March last year, Verizon increased the prices of its 5G Start, 5G Play More, 5G Get More, and 5G Do More plans by an extra $4 a month. Then, in January this year, it raised the monthly prices for myPlan and New Verizon Plan accounts due to "rising operational costs." Image source: Mordant/Bloomberg via Getty Images Amid the backlash over the upcoming removal of loyalty discounts, Verizon customers recently took to social media to flag that the company is trying to make amends. According to a recent Reddit post, a Verizon customer revealed that the company randomly sent them a pop-up through the My Verizon app offering them $20 off per phone line for 12 months. "Just got a pop up from my Verizon app saying for a limited time every active phone line on your account is eligible for a $20/mo discount for 12 months," wrote the customer in the post. "Tap to reach a rep. Too bad I'll be leaving very soon." Related: Verizon discontinues free customer perk from phone plans In the comment section under the post, other Verizon customers said that they received the same offer after they requested a transfer pin (a code given to customers planning to leave and join another phone carrier) through the My Verizon app. "I got offered $20 per month for 1 year as I am trying to port my number away. Still leaving though," wrote one customer in the comment section. "I got that same offer 2 minutes after I requested a transfer pin. We're still leaving because (of) various reasons, including getting first responder speed/discount, but it may be a tactic for people to try as it definitely was for them trying to keep our service," wrote another customer. The influx of customers planning to leave the company comes after a Reddit post earlier this month sparked speculation that Verizon plans to increase prices and remove several discounts on Sept. 1. It stated that Verizon was planning to raise its device activation fees from $35 to $40, which the company later confirmed on its website. However, the change appears to be immediate. The post also said that the phone carrier will be increasing the monthly price of its tablet plan by $5. Some customers have flagged on social media that they recently received an email about this change. More Telecom News: Verizon's push to make switching harder for customers hits a snagT-Mobile announces generous offer for conflicted customersAmazon pulls the plug on a free service for customers In addition, Verizon's monthly Administrative and Telco Recovery fee will allegedly increase from $3.50 to $3.78 per line for voice customers and from $1.60 to $3.97 per line for customers with data-only plans. To add fuel to the fire, Verizon also announced a week ago that customers on its 5G Get More and 5G Play More plans will no longer have access to free Apple Arcade and Google Play Pass subscriptions, starting Sept. 22. The last thing Verizon needs is more customers pulling the plug on phone service. In the second quarter of this year, Verizon lost about 51,000 postpaid phone customers. Also, its wireless postpaid phone churn (the number of customers who cut phone service) remained flat at 0.9% compared to the previous quarter. During an earnings call on July 21, Verizon Chief Financial Officer Tony Skiadas said that the company is doubling down on improving its customers' "loyalty and retention" by providing them with more personalized support and value. "We have taken a series of actions to address our elevated churn," said Skiadas. "On June 24th, we launched initiatives designed to improve the customer experience, including leveraging AI for more personalized support. In addition, we continue to enhance our value proposition and build customer loyalty through the best value guarantee. We provide exclusive access to the best events and experiences, and our Refresh app helps customers maximize the value of their plans." Related: T-Mobile boots customers off yearslong offers without asking The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
