Home Values Down, But Homeowners’ Insurance Rates Up
Thursday, April 13th, 2023 PropertyAs home market volatility continues to stomp its way through this year, homeowners’ insurance rates will be rising even as the home values themselves drop, said a recent Insurify report called the 2023 Insuring the American Homeowner report.
The price paid for individual policies is continuing to climb and policyholders should expect to pay more.
‘The cost of individual policies is rising. Homeowners may notice an increase of hundreds of dollars for one year to the next,’ said Insurify vice president of insurance sales Shawn Powers.
‘This may induce homeowners to shop around with multiple companies for a policy. While this is a great way to find a better price, homeowners may find their current carrier is not alone in raising rates.’
According to the report, property owners should expect that their rates will rise by an average of 9 percent on the heels of last year’s 7 percent average increase.
