U.S. Homeowners Face Double-Digit Rate Increases for 2024
Homeowners in the United States are experiencing significant hikes in insurance premium rates, with increases reaching double digits over the past two years. According to S&P Global Market Intelligence’s RateWatch application, states like Nevada, Texas, and Florida reported the lowest calculated weighted average increases in 2024. Nevada saw a rise of 4.3%, Texas at 3.4%, and Florida at 1.0%. This trend reflects broader economic pressures impacting the housing market and necessitates that homeowners remain aware of changes in their insurance costs. Understanding these trends can aid better financial planning for homeowners moving forward.
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