The average home insurance premium increased 21% between May 2022 and May 2023, according to recent analysis by insurance marketplace Policygenius.
“To help pay for these higher costs, insurers have increased policy premiums on homeowners in both high- and low-risk areas,” says Pat Howard, a home insurance expert at Policygenius.
“Even homeowners in places that don’t experience a lot of extreme weather, like Vermont and New Hampshire, are facing relatively high increases.”Fortunately, if your home insurance premiums rise, you don’t have to take it lying down.
How to reduce home insurance premiums at renewal timeMore than 9 out of 10 homeowners who renewed their policies this May saw an uptick in premiums, according to Policygenius.
How to reduce home insurance premiums as a new homeownerIf you’re just now buying a home, the tips are much the same: Shop around, look for discounts and consider bundling your home insurance policy with other insurance policies you might need—such as life insurance or car insurance.
Persons:
Aly J, Yale It’s, Pat Howard, you’ve, ” Howard, you’re, Florida’s, you’ll
Organizations:
Yale
Locations:
Vermont, New Hampshire, Gulf of Mexico, West Coast