The cost of home insurance is rising all across the country as extreme weather events become more common and destructive, adding a heavy financial burden on the tired shoulders of American households.

According to a new report by Bankrate , the average annual home-insurance premiums have increased by 9 percent nationwide since 2023, hitting $2,470 as of July. That is the equivalent of 3.18 percent of a typical U.S. household income, 0.01 percent more than they spent on home insurance last year.

Together with inflated home prices, mortgage rates still hovering around the 7 percent mark, rising homeowners association (HOA) fees and property taxes, growing premiums are contributing to making homeownership increasingly out of reach for many Americans.

Where Are Premiums Rising The Most?

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