HomeHome InsuranceBloomberg Evening Briefing: US Home Insurance Premiums May Hit a Record

Bloomberg Evening Briefing: US Home Insurance Premiums May Hit a Record

US home insurance rates are expected to reach a record high this year, with the biggest increases occurring in states prone to severe weather events, according to a new analysis. The average premium for homeowner insurance in the US 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. That figure would represent a 6% increase over the average US premium at the end of 2023, and follows a roughly 20% increase across the past two years. “Many Americans are motivated to buy a home because they think their housing costs will remain fixed or stable when compared to renting,” says Cassie Sheets at Insurify, who co-authored the analysis. “But this trend of significant insurance rate hikes makes housing costs more unpredictable.”

Who is a major beneficiary of sanctions on Russian and Venezuelan oil? US suppliers who have muscled their way into markets once dominated by OPEC and its allies. US oil exports have set five new monthly records since Western nations began imposing sanctions on Russia, after the Kremlin launched its full-scale invasion of Ukraine. And with trade restrictions on Venezuela set to renew in April, American barrels are beginning to displace sanctioned oil in India, one of the bigger markets for illicit crude.

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