The average price of home insurance has increased by as much as 34% in some states since last year, a new report from QuoteWizard, an online insurance marketplace, found.
In the annual “State of Home Insurance” report, QuoteWizard analyzed home insurance rates from every major carrier in all 50 states. The average cost of homeowners insurance is up 2% nationwide, with some states seeing even more drastic changes in prices.
The average cost of homeowners insurance is now $1,766 nationwide, the report found, with Oklahoma being the most expensive state ($3,735) and Hawaii the cheapest ($412). This comes as home prices were found to have increased 32% since 2020.
In Illinois, QuoteWizard found that homeowners insurance rates have increased 7% since 2021, going from $1,596 last year to $1,708 on average in 2022. Neighboring Missouri saw an even more dramatic increase, rising 21% from $2,251 to $2,714.
“Prices have changed wildly in the last year,” Nick VinZant, senior research analyst with QuoteWizard, said in a statement. “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.”
Prices for homeowners insurance decreased in 16 states while increasing in 30. In addition, the report found that with home prices and material costs escalating quickly, many insurance plans no longer fully cover homes.
“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,” VinZant said.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.