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Yahoo
3 days ago
- Business
- Yahoo
Experts raise red flags on troubling trend impacting US homeowners: 'It's a pain that people are feeling everywhere'
Experts raise red flags on troubling trend impacting US homeowners: 'It's a pain that people are feeling everywhere' LendingTree's 2025 state of home insurance report has revealed a troubling trend: Home insurance rates have cumulatively skyrocketed by 40.4% across the United States over the last six years, with premiums increasing at a more rapid pace from 2022 to 2024. What's happening? LendingTree analyzed home insurance data from Quadrant Information Services and discovered that no state experienced a home insurance rate increase lower than 12% from 2019 to 2024. Nearly half of all states pay more for insurance than the national average. "It's a pain that people are feeling everywhere in the country, including Georgia," LendingTree insurance expert Rob Bhatt told The Atlanta Journal-Constitution. On average, a homeowner in the Peach State pays $2,869 for insurance annually, or 2.4% above the national average. Oklahoma homeowners pay the most each year at a whopping $6,133. This total is 118.9% higher than the national average. Why is this important? In his conversation with the AJC, Bhatt spotlighted two key factors responsible for a growing insurance crisis that has left many without coverage or burdened by sky-high premiums: inflation and an increase in climate-related disasters, such as last year's Hurricane Helene that devastated parts of southern Georgia as it left its trail of destruction across the Southeast. A changing climate is directly tied to the latter issue, with warmer ocean temperatures and additional heat in the atmosphere able to supercharge wind speeds in tropical storms, as the U.S. Geological Survey explains. Melting ice sheets and thermal expansion have also caused sea levels to rise, and that has left new areas vulnerable to storm surges and erosion. "Insurance companies have to pay to rebuild more houses, and the cost of repairing or rebuilding each house is significantly higher than it's been in the past," Bhatt said. What's being done about this? Georgia Insurance Commissioner John F. King said in a statement to the AJC that his team is working with lawmakers and industry leaders to find ways to lower insurance costs. (Policymakers in other U.S. states are doing the same.) Bhatt added that he is "cautiously optimistic" that rates could stabilize if insurers are now earning enough to pay their expenses. Yet he acknowledged another climate-related natural disaster could just as soon disrupt that newfound balance. Georgia Watch Executive Director Liz Coyle also pointed out another issue to the AJC: Namely, that the rise in insurance premiums coincides with an uptick in investment-based profits for insurers. And it isn't uncommon for insurance companies to invest in dirty fuels, which account for about three-quarters of the heat-trapping pollution entering our atmosphere. Using your purchasing power to support companies focused on sustainability is one way to help hold notoriously polluting industries accountable, moving the needle toward a cooler future. Do you worry about having toxic forever chemicals in your home? Majorly Sometimes Not really I don't know enough about them Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the the daily Crossword
Forbes
01-07-2025
- Business
- Forbes
Shelter Homeowners Insurance Review 2025
To identify the best home insurance companies, we analyzed costs around the country, policy information and complaints against insurers. We scored companies based on these factors: Home insurance rates (40% of score): We analyzed average rates for each insurance company for homes with dwelling coverage of $200,000, $350,000, $500,000 and $750,000 with 50% personal property coverage, 10% loss of use coverage, a $500 deductible, $1,000 guest medical coverage and $100,000 liability coverage for a 40-year-old woman with good credit. Source: Quadrant Information Services . Complaints (20% of score): We used complaint data from state insurance departments across the country. Most home insurance complaints center on claims, including delays, unsatisfactory settlements and denials. Source: National Association of Insurance Commissioners . Availability of extended and/or guaranteed replacement cost coverage (20% of score): Extra dwelling coverage is valuable in the event of large disasters, when construction materials and labor costs tend to spike. We gave points to companies that offer either extended or guaranteed replacement cost coverage. Source: Forbes Advisor research. Digital experience (10% of score): We analyzed the quality of each company's mobile app and website. We evaluated home insurers on: If there's a mobile app. If you can submit claims online. If you can pay online. If there's a useful website search function. If there's a live chat that provides helpful information. If the company has a Facebook account that is updated regularly. If you can get a quote online. Source: Forbes Advisor research. Banned dog lists (10% of score): Banned dog breed lists can make homeowners ineligible for coverage. (A company's banned dog list might not be applicable in all states.) While any homeowners insurance company could potentially ban any dog with a biting history, not all put a ban on specific breeds. Source: Forbes Advisor research.
USA Today
28-05-2025
- Automotive
- USA Today
What states have the highest, lowest auto insurance rates?
What states have the highest, lowest auto insurance rates? Show Caption Hide Caption How to save money on car insurance This app can help save you money on car insurance. ProblemSolved, USA TODAY The average auto insurance rate in the U.S. is expected to go up by 7.5% in 2025, according to a new analysis by MarketWatch Guides. The hikes will add an average $182 to the average annual full-coverage premium nationwide raising it to $2,615 from $2,433. Drivers in several states face increases of $200 or more. With the average American worker making $68,000, auto insurance will consume nearly 3.9% of annual income and significantly more in states with lower median incomes, MarketWatch Guides said. MarketWatch Guides calculated average auto insurance rates using data from Quadrant Information Services for a 35-year-old single driver with a clean driving record and good credit who drives a 2023 Toyota Camry. Why are auto insurance premiums going up? The auto insurance industry faced headwinds a few years ago in 2022 and 2023, said Daniel Robinson, senior auto insurance research and writer at MarketWatch Guides. There was increased frequency and severity of natural disasters, like floods, wildfires, and hurricanes, he said. "These disasters led to higher-than-expected claims, straining insurers' bottom lines," Robinson told USA TODAY. Insurance premiums have been on a steady climb since dramatic pandemic-era disruptions spurred rate hikes, but have slowed to smaller increases, he said. A shortage of vehicle parts and skilled auto repair workers that emerged during the pandemic era when there were supply chain snarls still plays a role in increased repair costs today, Robinson said. Insurers unfortunately took the brunt of those repair costs, which required them to raise premiums to stay financially stable. "We've also seen prices of cars in general rise in recent years due to inflation and increased demand. This adds another compounding effect," he said. Tariffs, which have led to an increase in the cost of imported car parts, also make repairing cars more expensive and are passed on in higher insurance premiums, Robinson said. What states have the highest auto premiums? Drivers in Louisiana pay the most, with an average of $3,481 per year or $290 a month for a full-coverage policy. Louisiana also has one of the highest rates of highway fatalities, with 19.7 deaths per 100,000 residents, according to an Insurance Institute for Highway Safety analysis of data from the U.S. Department of Transportation's Fatality Analysis Reporting System. The national average is 12.8 deaths per 100,000 residents. Vermont drivers have the lowest average premium at $1,624 per year on average or $135 a month. The state has a below-average rate of highway fatalities at 11.7 deaths per 100,000 residents, according to MarketWatch Guides. More money: Add auto insurance to the list of things increasing in price with Trump's tariffs Where is car insurance increasing the most? MarketWatch Guides' analysis found the most dramatic insurance premium price hike was in Washington, D.C., where premiums rose by 20% from $2,684 to $3,209. Maine and South Carolina also saw big increases of 10%. In South Carolina, a 10% raise in premiums is $221 more in costs per year, the second-highest dollar amount increase after Washington, D.C. ($525). Nevada had the biggest decreases in premiums. Nevada's average premium fell from $3,549 to $2,889. That's a 19% decrease and a $660 difference. Even though Louisiana is the most expensive state for auto premiums, it had the second-highest decrease in annual premiums in terms of dollar amounts and as a percentage. Premiums in Louisiana fell by 14% in 2025 or $576. Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@ or follow her on X, Facebook or Instagram @blinfisher and @ on Bluesky. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays, here.
CNBC
28-04-2025
- Business
- CNBC
Homeowners insurance has risen over 50% in these states
Homeowners insurance rates have risen dramatically, from an average of $2,656 annually in 2021 to $3,303 in a 24% increase, more than twice as fast as the rate of inflation in the same timeframe. 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 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 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 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.
