--- title: Here's How Much Your Home Insurance Will Rise This Year, According to a New Forecast description: Insurify predicts that home insurance costs will rise 9% nationally in 2023, and states like Florida will see prices rise much higher. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 501 covers: - Insurance - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Insurance - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-04-10T15:22:52.000Z' modified: '2024-01-10T13:31:15.000Z' section: Insurance tags: - News word_count: 617 canonical: https://money.com/home-insurance-costs-rise-2023-forecast/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Collage of a house splitted up and getting bigger](https://img.money.com/2023/04/News-home-insurance.jpg) Average premiums for homeowners insurance are slated for yet another big increase in 2023, according to a new report. Nationwide, the average cost of [homeowners insurance](https://money.com/best-home-insurance/) is projected to jump 9%, or by about $150, according to a [recent report](https://insurify.com/report/homeowners-insurance/2023-price-projections/) by online marketplace Insurify. Homeowners in some states will see premiums soar much higher than that. In Florida, the most expensive state for home insurance, owners can expect to pay an average of nearly $8,000 for premiums in 2023 — a whopping 66% increase over last year. Inflation is partially to blame for across-the-board price hikes, experts say, but [climate change](https://money.com/climate-change-could-quickly-turn-your-old-roof-into-a-home-insurance-headache/) and rampant fraud are also behind major premium increases in certain areas, sending the cost of home insurance in several states far above the national average. According to Insurify, a Massachusetts-based insurance marketplace, the average annual premium for homeowners insurance is estimated to reach $1,784 in 2023, marking a 9% increase from 2022 when the average premium was $1,636. - The expected surge in home insurance premiums in 2023 is on top of a 7% increase in 2022. Average premiums this year are expected to be more than $250 higher than in 2021, according to Insurify. - “The same inflationary pressures that are driving up your [grocery bill](https://money.com/saving-money-on-groceries-strategies/) are now driving up your homeowner insurance rates,” Colleen Finn, a managing director at the Boston-based insurer Plymouth Rock, said in the report. “It is costing more and taking longer to repair your home, increasing the average cost per claim and ultimately the cost of homeowners insurance for everyone.” - [Inflation](https://money.com/february-2023-inflation-prices-climbing/) aside, experts say that more catastrophic weather and natural disasters due to climate change are driving home insurance premiums higher as insurers face an influx of water- and fire-damage claims in particular. (Note: [Home insurance typically does not cover floods](https://money.com/what-does-homeowners-insurance-cover/).) - Certain areas are more prone to severe weather, and FEMA assigns “risk ratings” based on the likelihood of natural disasters. - On average, home insurance premiums for properties located in areas with a very high risk rating are $3,379, whereas premiums for homes in low risk areas run $1,387, according to Insurify’s estimates. Regardless if your home is located in a high-risk zone, your home insurance premiums can be affected by natural disasters in other areas as insurers may operate across multiple states — hiking premiums in one area to offset the costs of another. ## States with the highest home insurance premiums While the nationwide average premium approaches $1,800, many states have blown past that amount. According to Insurify, the 10 most expensive states have average home insurance premiums above $4,000. **10\. Nebraska**: $4,064 **9\. Texas**: $4,067 **8\. Colorado**: $4,177 **7\. South Dakota**: $4,343 **6\. Kentucky**: $4,370 **5\. Kansas**: $5,005 **4\. Alabama**: $5,102 **3\. Louisiana**: $5,353 **2\. Oklahoma**: $6,853 **1\. Florida**: $7,788 In Florida, the average home insurance premium is 437% higher than the estimated 2023 national average of $1,784. According to Insurify, Florida's average last year was $4,692. This year's projection represents a massive 66% cost increase for homeowners in the Sunshine State. In addition to reeling from tens of billions of dollars in damage due to recent hurricanes, Florida is grappling with a home insurance crisis caused by rampant “fraud and legal system abuse,” with the state accounting for 80% of the nation’s home insurance lawsuits, according to the nonprofit [Insurance Information Institute](https://www.iii.org/sites/default/files/docs/pdf/triple-i_trends_and_insights_florida_pc_02152023.pdf) (III). Several insurers went insolvent last year, III says, and dozens more either left Florida or stopped offering new policies in the state. [What Does Homeowners Insurance Typically Cover?](https://money.com/what-does-homeowners-insurance-cover/) [Why You Should Consider Flood Insurance Even if You Don’t Live in a Flood Zone](https://money.com/why-to-get-flood-insurance/?ref=/home-car-insurance-claims-phone-ida/&ref=/home-insurance-savings-tips-climate-change) [Home Insurance Rates Are Rising Due to Climate Change: Here's How to Lower Your Costs](https://money.com/home-insurance-savings-tips-climate-change/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/home-insurance-costs-rise-2023-forecast/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Insurance", "item": "https://money.com/insurance/" }, { "@type": "ListItem", "position": 3, "name": "Homeowners Insurance", "item": "https://money.com/homeowners-insurance/" }, { "@type": "ListItem", "position": 4, "name": "Here's How Much Your Home Insurance Will Rise This Year, According to a New Forecast" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/home-insurance-costs-rise-2023-forecast/#webpage", "url": "https://money.com/home-insurance-costs-rise-2023-forecast/", "name": "Here's How Much Your Home Insurance Will Rise This Year, According to a New Forecast", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-04-10T15:22:52.000Z", "mainEntity": { "@id": "https://money.com/home-insurance-costs-rise-2023-forecast/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/home-insurance-costs-rise-2023-forecast/#breadcrumb" }, "dateModified": "2024-01-10T13:31:15.000Z" }, { "@type": "NewsArticle", "headline": "Here's How Much Your Home Insurance Will Rise This Year, According to a New Forecast", "articleSection": "Insurance", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/04/News-home-insurance.jpg", "width": 2880, "height": 1920, "caption": "News-home-insurance" } ], "author": [ { "@type": "Person", "name": "Adam Hardy", "url": "https://money.com/author/adam-hardy/", "@id": "https://money.com/author/adam-hardy/#author", "description": "Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. 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