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On-line insurance coverage market Policygenius has discovered that residence insurance coverage premiums at renewal elevated 21% on common from Could 2022 to Could 2023.
The state that noticed the best common improve for owners insurance coverage throughout the time interval analyzed by Policygenius was Florida, at 35%. Policyholders right here paid practically $490 extra.
On a share foundation, Idaho (31%), Colorado (30%), South Dakota (28%), Louisiana, Oklahoma, and Texas (every tied at 27%) had the subsequent highest common owners insurance coverage will increase, mentioned the 2023 Policygenius House Insurance coverage Pricing Report.
East Coast states noticed the smallest will increase at renewal in 2023, based on the Policygenius evaluation based mostly on inner knowledge from about 17,400 coverage renewals from Could 2022 to Could 2023.
Policygenius mentioned that in every of the 44 states it analyzed for the report, the typical premium improve was larger than the earlier yr.
Extra excessive climate, a lower in insurers in some areas because of publicity reductions, and inflation and supply-chain points had been listed by the corporate as causes for the owners insurance coverage premiums will increase.
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