"The GAO found that the average U.S. homeowners' insurance premium, adjusted for inflation, rose only 3 percent between 2019 and 2024, going from $2,743 to $2,829 in 2024 dollars."
"In the same period, many coastal areas in North Carolina and Texas saw premium increases of more than 50 percent after adjusting for inflation."
"Homes in areas with severe or extreme wind risk pay about 58 percent more, or $1,294 extra per year, compared to similar homes with only major wind risk."
"Moving from major to severe wildfire risk adds about 8 percent, or $181 per year, to premiums."
Homeowners in coastal North Carolina and Texas have seen property insurance rates double since 2019, even after inflation adjustments. A report from the U.S. Government Accountability Office reveals that while national premiums rose only slightly, high-risk areas experience drastic increases. The average U.S. homeowners' insurance premium rose 3 percent from 2019 to 2024, but specific ZIP Codes in high-risk regions saw increases over 50 percent. Wind risk significantly raises premiums compared to wildfire risk, highlighting the financial impact of severe weather events.
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