Texas ranks among the states with the most expensive homeowners insurance, even though rates could drop slightly this year.
The average premium for homeowners insurance in the U.S. is expected to hit $2,522 by the end of the year, driven largely by intensifying natural disasters, rising reinsurance costs and higher fees for home repair, according to. That figure would represent a 6% increase over the average U.S. premium at the end of 2023, and follows a roughly 20% increase over the past two years.
“It’s possible that the highest-risk areas will become uninsurable,” says Betsy Stella, vice president of carrier management and operations at Insurify. “However, where there’s demand, typically a supplier will appear. The question will be, at what cost?”