Thanks to a myriad of conditions, many housing markets across the country have experienced home insurance shock over the past few years, Fast Company reports.
Economists with the University of Pennsylvania and University of Wisconsin-Madison found that the three-year shift in the median annual U.S. home insurance premium from 2020 to 2023 was 33%, just a bit above the three-year shift in U.S. home prices from December 2020 to December 2023 (28%).
Home insurance premiums have been hit by the growing frequency of natural disasters, insurance models reassessing risks, rising housing and construction costs as well as rising repair costs.
An interactive map showing the three-year change in median annual home insurance premiums by county show Louisiana, Florida, Wyoming, Utah and Colorado have seen the starkest changes.
Only two parishes in Louisiana—Lafayette and Winn parishes—showed a decrease in premium costs. East Baton Rouge Parish recorded a 48.8% increase from 2020 to 2023.
