Price of Homeowners Insurance Jumps 34%
Thursday, June 2, 2022
SEATTLE, May 25, 2022 /PRNewswire/ -- QuoteWizard®, a LendingTree company and one of the nation's leading online insurance marketplaces, released their annual "State of Home Insurance" report. QuoteWizard found that the average price of home insurance has increased by as much as 34% in some states since 2021.
QuoteWizard analyzed homeowners insurance rates from every major carrier in all 50 states. The average cost of homeowners insurance is up 2% nationwide but many states have seen dramatic changes in price.
"Prices have changed wildly in the last year. Depending on where you live you could be paying a lot more or a lot less. We've seen everything from a 25% decrease in Kentucky to a 34% increase in Idaho," said Nick VinZant, Sr. Research Analyst with QuoteWizard.
To view the full report on how prices have changed in each state, visit: https://quotewizard.com/state-of-home-insurance-2022
Key Findings:
-- Average cost of homeowners insurance is now $1,766 nationwide
-- Oklahoma is the most expensive state ($3,735), Hawaii is the cheapest
($412)
-- Prices decreased in 16 states and increased in 30 states
-- Home prices are up 32% since 2020
QuoteWizard's report also highlights a growing problem facing many homeowners. Home prices and material costs have risen so quickly, many people's insurance plans may no longer fully cover them.
"It now costs around $40,000 more to build the same home and if you haven't updated your coverage that extra cost is gonna come out of your pocket," said VinZant.
About QuoteWizard
QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.
Related Links
https://quotewizard.com/home-insurance/average-cost-of-homeowners-insurance
https://quotewizard.com/home-insurance/how-much-homeowners-insurance-do-i-need
Media Contacts:
Emily Lamb: emily@quotewizardnews.com
Press Inbox: press@quotewizardnews.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/price-of-homeowners-insurance-jumps-34-301554020.html
SOURCE QuoteWizard
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