U.S. home insurance rates surged 11.3% in 2023, with Florida seeing premiums hit $11,000 yearly.

Home insurance rates in the U.S. rose by 11.3% in 2023, driven by higher construction costs and insurance payouts due to more frequent natural disasters. Analysts predict a 6% increase in 2024. Florida, hit hard by hurricanes, sees average premiums of $11,000 per year. Insurers are exploring parametric insurance to manage costs, offering predefined payouts for specific events. Reinsurance rates have also increased, complicating coverage affordability.

November 18, 2024
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