U.S. homeowners insurance rates rose 40.4% over the past six years, with the biggest increases hitting in the last two years, a new report shows.
LendingTree’s 2025 State of Home Insurance Report shows rates from 2019 through 2021 remained stable, with increases of 2% in 2019, 2.1% in 2020, and 3% in 2021. Then rates started rising in 2022 with increases of 5.4%, 11% in 2023, and 11.4% in 2024.
The average annual cost of home insurance across the U.S. is now $2,801. The most expensive states for homeowners insurance are Oklahoma ($6,133), Nebraska ($5,912), and Kansas ($5,412), according to the report.
Hawaii has the lowest average rate at $632, followed by California ($1,260) and Vermont ($1,339), the report shows.
The states with the largest rate increases between 2019 and 2024 were: Colorado (76.6%), Nebraska (72.3%), and Utah (70.6%).
Colorado’s increase was partly due to an uptick in billion-dollar natural disaster events. There were 24 between 2019 and 2024. Nebraska experienced 25 natural catastrophes, and Utah has seen growing losses from disasters in wildfire-prone areas, the report shows.
Other key findings in the report:
• Montana and Nebraska saw the largest jumps in home insurance rates in 2024, both at 22.1%. Minnesota and Washington each saw an increase of 19.5%.
• The smallest rate increases in 2024 included Florida (1.7%), Texas (3.4%), and New York (3.8%).
• States with the smallest cumulative increases from 2019 to 2024 were Vermont (12.2%), Alaska (12.9%), and Maine (17.9%).
LendingTree’s analysis is based on home insurance data from Quadrant Information Services, sourced from insurer filings, and RateWatch from S&P Global. The analysis used standard coverage amounts and deductibles unless otherwise noted.
The following coverages and deductibles were used:
• $400,000 dwelling coverage
• $40,000 other structures
• $200,000 personal property
• $80,000 loss of use coverage
• $100,000 liability
• $5,000 medical payments
• $1,000 deductible
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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.