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Yahoo
5 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
Miami Herald
10-07-2025
- Business
- Miami Herald
Map Shows Rising Home Insurance Costs Across 50 States
The cost of home insurance spiked all across the country over the past six years, according to a new analysis by LendingTree, with no state spared of premium hikes. Between 2019 and 2024, the cost of home insurance increased by a cumulative 40.4 percent, the company found, with the biggest increases concentrated in the past two to three years. From 2019 through 2021, rates were inching up at a relatively slow pace, with 2021 seeing the biggest jump at 3 percent. From then on, the surge of home insurance rates across the country accelerated significantly. In 2022, rates jumped by 5.4 percent; in 2023, by 11 percent; and in 2024, by 11.4 percent-the highest increase reported in that five-year timeframe. The national level rates have risen by an average 40.4 percent and the state that has faced the steepest increase-Colorado-reported a hike nearly twice as high, at 76.6 percent. It was followed by Nebraska (72.3 percent) and Utah (70.6 percent). Natural disasters have become more frequent and more severe in these states in recent years, increasing catastrophe exposure for insurers-the potential financial losses resulting from catastrophic events-and bringing up the cost of rebuilding at a time when the construction market is facing rising costs overall and a widespread labor shortage. Colorado homeowners face the growing threat of wildfires, hailstorms, wind and snowstorms. Nebraskans living in so-called "Tornado Alley" are particularly vulnerable to suffer property damage during storm season. And in Utah, global warming is making storms and wildfires more dangerous than ever. "Insurance companies have been raising their rates to keep up with their escalating expenses," LendingTree home insurance expert and licensed insurance agent Rob Bhatt said in the report. "The early 2020s saw an uptick in natural disasters and inflation. Insurance companies have had to rebuild more homes than normal, and the cost of rebuilding each one has become more expensive." Between 2020 and 2024, according to data by the National Oceanic and Atmospheric Administration (NOAA), Colorado reported 22 billion-dollar disasters estimated to have caused losses between $10 billion and $20 billion. The same numbers were reported by Nebraska in the same timeframe, while Utah faced 5 million-dollar disasters costing an estimated $250 million to $500 million. In 2024 alone, Montana and Nebraska were the states facing the highest home insurance rate hikes in the country, both at 22.1 percent. They were followed by Washington at 19.5 percent. Some of the states that have taken the brunt of the country's home insurance crisis, on the other hand, reported the smallest increases in the country. In Florida, rates went up by 1.7 percent in 2024 and in Texas 3.4 percent. That is probably because, in these two states, insurers have already significantly increased their rates or dropped out of the most at-risk areas to avoid higher costs. In other words, they were more prepared for what was coming-hurricanes, storms and flooding-than insurers in less vulnerable states might have been. "Home insurance companies had significant expenses in 2023," Bhatt said. "In seven states, they paid out more in claims than they earned in premiums. Like companies in other industries, they need to earn more than they spend to remain solvent. Unfortunately, they often have to raise their rates to accomplish this goal." Homeownership has become more expensive in recent years for Americans, as prices skyrocketed during the pandemic homebuying frenzy and mortgage rates have hovered around the 7 percent mark for the past three years. Rising home insurance rates are coming on top of these existing challenges, putting an additional burden on homeowners. As of 2025, the average cost of home insurance in the country is $2,801 per year, according to LendingTree. In every state, however, homeowners pay a different rate. Oklahomans currently pay the highest home insurance rates in the country, at $6,133 per year-more than double the national average-followed by Nebraskans ($5,912) and Kansans ($5,412). "For new homebuyers, rising home insurance costs can reduce the amount they can borrow, which, in turn, can make it more difficult to find an affordable home," Bhatt said. "If you already own your home, rising insurance costs cut into your budget for other household essentials." Several experts expect the cost of home insurance to continue rising this year as President Donald Trump's tariffs on U.S. trading partners increase the cost of crucial material used to rebuild homes damaged by natural disasters. Insurify expects rates to jump by 11 percent across the country by the end of the year. Related Articles Map Shows States With Cloud-Seeding Programs in PlaceMap Shows Most Boring Cities in the USMap Shows Countries Offering Americans 'Golden Visas'New Mexico Flooding: Live Tracker Maps as Emergency Declared 2025 NEWSWEEK DIGITAL LLC.
Newsweek
10-07-2025
- Business
- Newsweek
Map Shows Rising Home Insurance Costs Across 50 States
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The cost of home insurance spiked all across the country over the past six years, according to a new analysis by LendingTree, with no state spared of premium hikes. Between 2019 and 2024, the cost of home insurance increased by a cumulative 40.4 percent, the company found, with the biggest increases concentrated in the past two to three years. From 2019 through 2021, rates were inching up at a relatively slow pace, with 2021 seeing the biggest jump at 3 percent. From then on, the surge of home insurance rates across the country accelerated significantly. In 2022, rates jumped by 5.4 percent; in 2023, by 11 percent; and in 2024, by 11.4 percent—the highest increase reported in that five-year timeframe. West Leads For Biggest Rate Hikes The national level rates have risen by an average 40.4 percent and the state that has faced the steepest increase—Colorado—reported a hike nearly twice as high, at 76.6 percent. It was followed by Nebraska (72.3 percent) and Utah (70.6 percent). Natural disasters have become more frequent and more severe in these states in recent years, increasing catastrophe exposure for insurers—the potential financial losses resulting from catastrophic events—and bringing up the cost of rebuilding at a time when the construction market is facing rising costs overall and a widespread labor shortage. Colorado homeowners face the growing threat of wildfires, hailstorms, wind and snowstorms. Nebraskans living in so-called "Tornado Alley" are particularly vulnerable to suffer property damage during storm season. And in Utah, global warming is making storms and wildfires more dangerous than ever. "Insurance companies have been raising their rates to keep up with their escalating expenses," LendingTree home insurance expert and licensed insurance agent Rob Bhatt said in the report. "The early 2020s saw an uptick in natural disasters and inflation. Insurance companies have had to rebuild more homes than normal, and the cost of rebuilding each one has become more expensive." Between 2020 and 2024, according to data by the National Oceanic and Atmospheric Administration (NOAA), Colorado reported 22 billion-dollar disasters estimated to have caused losses between $10 billion and $20 billion. The same numbers were reported by Nebraska in the same timeframe, while Utah faced 5 million-dollar disasters costing an estimated $250 million to $500 million. 2024: Bad Year For Insurers In 2024 alone, Montana and Nebraska were the states facing the highest home insurance rate hikes in the country, both at 22.1 percent. They were followed by Washington at 19.5 percent. Some of the states that have taken the brunt of the country's home insurance crisis, on the other hand, reported the smallest increases in the country. In Florida, rates went up by 1.7 percent in 2024 and in Texas 3.4 percent. That is probably because, in these two states, insurers have already significantly increased their rates or dropped out of the most at-risk areas to avoid higher costs. In other words, they were more prepared for what was coming—hurricanes, storms and flooding—than insurers in less vulnerable states might have been. "Home insurance companies had significant expenses in 2023," Bhatt said. "In seven states, they paid out more in claims than they earned in premiums. Like companies in other industries, they need to earn more than they spend to remain solvent. Unfortunately, they often have to raise their rates to accomplish this goal." Rates Are High—And Likely To Continue Rising Homeownership has become more expensive in recent years for Americans, as prices skyrocketed during the pandemic homebuying frenzy and mortgage rates have hovered around the 7 percent mark for the past three years. Rising home insurance rates are coming on top of these existing challenges, putting an additional burden on homeowners. As of 2025, the average cost of home insurance in the country is $2,801 per year, according to LendingTree. In every state, however, homeowners pay a different rate. Oklahomans currently pay the highest home insurance rates in the country, at $6,133 per year—more than double the national average—followed by Nebraskans ($5,912) and Kansans ($5,412). "For new homebuyers, rising home insurance costs can reduce the amount they can borrow, which, in turn, can make it more difficult to find an affordable home," Bhatt said. "If you already own your home, rising insurance costs cut into your budget for other household essentials." Several experts expect the cost of home insurance to continue rising this year as President Donald Trump's tariffs on U.S. trading partners increase the cost of crucial material used to rebuild homes damaged by natural disasters. Insurify expects rates to jump by 11 percent across the country by the end of the year.
Motor 1
09-07-2025
- Automotive
- Motor 1
BMW Drivers Have the Most DUIs In America's Largest Cities: Study
A new study from LendingTree analyzed DUI statistics from 50 of America's largest cities, finding that BMW owners were most likely to be caught driving under the influence. The study also found that Gen Z drivers had a higher DUI rate than any other age group. BMW drivers scored a rate of 3.09 DUIs per 1,000 drivers in America's biggest cities, with Ram drivers following closely behind, at 3.0 per 1,000 drivers. Of the top five brands, four were luxury carmakers, with Acura in third, Audi in fourth, and Volvo in fifth. Make DUIs Per 1,000 Drivers 1. BMW 3.09 2. Ram 3.00 3. Acura 2.69 4. Audi 2.42 5. Volvo 2.42 At the other end of the spectrum, Mercury drivers carried the lowest DUI rate for American cities, at 0.86 per 1,000 drivers. It's followed by Land Rover (1.16) and Lincoln (1.16). Tesla was smack-dab in the middle of the 30 brands analyzed, in 16th place with a DUI rate of 1.9 per 1,000 drivers. Gen Z drivers (aged 19 to 27) took the crown for highest DUI rate by age group, with a rate of 2.62 per 1,000. They were followed closely behind by the next youngest group, Millennials, at a rate of 2.4 per 1,000 drivers. In fact, the study found the DUI rate decreased as the age group moved up, with the silent generation, aged 79 to 95, carrying the lowest rate of DUI, at just 0.21 per 1,000 drivers. "People tend to become more risk-averse as they age," says LendingTree official Rob Bhatt. "Gen Z will someday reach the age of today's baby boomers. If they're lucky, younger drivers will be more responsible then." LendingTree also calculated offenses by city, finding that Omaha, Nebraska, had the highest DUI rate of the 50 cities analyzed, at 4.48 per 1,000 drivers—more than double the average of 1.9. And while no California city took the top spot, six of the top 10 worst-offending cities were located in the Golden State—not surprising, considering the population is overly reliant on cars as a means of transportation. Weirdly, New York City also made the list at number 10, despite its robust public transit system. Chicago, Illinois, meanwhile, carries the title for the lowest DUI rate of the 50 largest American cities, with just 0.45 DUIs per 1,000 drivers. It's followed closely by Tulsa, Oklahoma, at 0.65, and Miami, Florida, at 0.66. You can check out the full study from LendingTree right here . More Interesting Studies Audi Is Dead Last In New Initial Quality Study Mazda Miata Owners Barely Drive Their Cars: Study Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Source: LendingTree Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
Yahoo
03-05-2025
- Business
- Yahoo
New report reveals alarming trend among US homeowners: 'Can leave you in a financial bind'
Homeowners insurance is a necessity to protect American families' largest assets, especially as natural disasters become more damaging because of the world's increasing temperature. However, just when insurance is needed the most, many insurers are pulling out, leaving owners high and dry. In fact, Newsweek reported that one out of four American homeowners was dropped from their insurance coverage in 2024. Insurers are getting more concerned about risk, especially in disaster-prone areas like California and Florida. Many are responding by raising prices or even leaving those markets entirely, so that Americans have only more expensive and potentially less secure options left. Newsweek revealed that premiums have increased for two in three owners, and even among those who have kept their coverage, half are worried they will soon become uninsurable. This upheaval is taking a toll; many homeowners no longer see insurance as worth the expense, and 31% have considered self-insuring instead, meaning that if a disaster struck, they would be on the hook for all costs. Thirty-four percent also report downgrading their insurance coverage. "The effects of climate change and inflation are compounding each other," Rob Bhatt, lead insurance analyst at LendingTree, told Newsweek. "An uptick in natural disasters has insurance companies paying to rebuild more homes than normal. … Unfortunately, insurance companies pass these types of cost increases along to customers in the form of higher rates." A house is the largest asset that most American families own, and it is necessary for their shelter and safety. Losing a home to a disaster, large or small, is devastating enough, even when the family has the means to rebuild. If they're not insured, they may be left with nothing. "No one can make you get insurance if you own your home outright," said Bhatt, per Newsweek. "However, going without insurance can leave you in a financial bind if a disaster does strike." Even those who still have insurance are now paying more for it, which is also a blow to budgets stretched thin by recent economic troubles. Some states, like California, are making alternative insurance options available to residents to help cover the gaps insurers are leaving behind. There are also regulations being discussed to help keep plans available and rates affordable. Ultimately, the only way to resolve this situation is to address the root cause of these increasing disasters: human-caused rising temperatures due to air pollution. Experts say phasing out dirty fuels and switching to clean energy is the long-term solution. Do you think home heating costs are higher than they should be? Definitely Depends on the season Depends where you live No 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 planet.
