average annual cost rose $9,213 last year
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BREVARD COUNTY, FLORIDA (FOX NEWS) – The astronomic rise in mortgage rates and spike in home prices over the past year has pushed a key tenet of the American dream out of reach for millions of families.
Now, there is another obstacle to homeownership: higher home insurance premiums.
The average cost of home insurance for a $300,000 property in the U.S. surged 12% in 2023 to roughly $1,770 per year, according to a new report published by Insurify, an insurance comparison website headquartered in Massachusetts.
However, home insurance is even more expensive in states plagued by severe weather and other climate-related catastrophes. In fact, as the frequency and severity of destructive weather events have increased, more areas are considered high risk and unprofitable for insurance companies, the report said.
A growing number of insurance companies are opting to leave states like California and Florida, driving prices even higher for homeowners.
Here’s a look at where you can expect to pay the highest premium for home insurance.
Florida
Florida is the most expensive state for home insurance, with the average annual cost rising $9,213 last year. That is 421% higher than the national average.
CLICK HERE TO SEE TOP 10 STATES FOR HOME INSURANCE
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