Budget More for Home Insurance
Budget More for Home Insurance
Budget More for Home Insurance
Home insurance rates are climbing due to a rising number of natural disasters. As a result, homeowners, particularly those located in some at-risk markets, will need to brace for higher costs.
Last year, there were 850 “natural catastrophes” worldwide that totaled some $350 billion, up from 500 disasters a decade earlier, the Insurance Information Institute reports.
Oklahoma homeowners are seeing some of the largest increases in home insurance rates in the nation. Costs have surged by 78%, or $821, since 2007. On average, an Oklahoma homeowner pays more than $1,800 annually for a premium. That is up from $1,054 a decade ago, according to QuoteWizard. Oklahoma has seen 192 natural disasters since 1955.
California has seen an even greater number of disasters, however, at 313 over that same period. But unlike Oklahoma, California homeowners have not seen their insurance costs rise as much. It had the second smallest increase in the nation, at just $75 since 2007.
States located in Tornado Alley—such as Kansas, Colorado, Nebraska, and Oklahoma—are seeing the steepest hikes in homeowner insurance costs. Rates in Colorado have increased by 75%, while Nebraska has posted a 74% uptick, QuoteWizard reports.
QuoteWizard offers the following snapshot of the states that have seen the highest increases in home insurance rates since 2007:
- Oklahoma: $821
- Kansas: $644
- Colorado: $620
- Nebraska: $595
- Arkansas: $586
To view the full top 10 list, visit Forbes.com.
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