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Why are Homeowners Insurance Rates Increasing?

Over the past few years, nearly every homeowner in the U.S. has seen an increase in their homeowners insurance premium. According to Money.com, an independent publisher, recent year-over-year premium increases have averaged 20%, and policyholders should expect to see at least a 10-15% increase in 2024.

Although individual rates are based on specific factors such as location, credit score, claims history, age of dwelling and deductible, some general trends are leading to higher rates across the board. Continue reading