Homeowners insurance rates rise 27% amid natural disasters

Homeowners insurance rates have increased by approximately 27% over the last five years, while renters insurance has risen by about 18% during the same period. These hikes are primarily driven by the increasing costs associated with natural disasters, severe weather events, and the rising price of construction materials.

Insurance companies are also increasingly issuing non-renewal notices, a trend noted particularly in states such as California and Louisiana. To manage these rising costs, experts suggest that policyholders conduct annual reviews of their coverage, inquire about potential discounts for home improvements like new roofs or security systems, and shop around to ensure competitive pricing.