GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
About 12% of homeowners surveyed last year by theInsurance Information Institutesaid they had not purchased homeowners insurance.
Many of those simply dont have the budget to afford it.
In high-risk areas, that figure can rise to 25%.
Also, verify youre aware of somecommon mistakes first-time homebuyers make when choosing insurance.
Experts recommend gathering quotes from as many carriers as possible.
you might also install nonflammable sidings such as stucco or fiber cement.
Why Is Homeowners Insurance So Expensive?
The average U.S. insurance rate is $2,377 a year, according to a May 2024reportfrom NAR.
Premiums are especially high in states with high exposure to extreme weather events and national disasters.
Similarly, rates are high in Kansas, Nebraska, Oklahoma and other states vulnerable to tornadoes.
More From GOBankingRates
Share This Article:
