And you thought home insurance rates were only rising in Florida and California…. The top five biggest increases in 2024 were in:

1. Utah: +59%
2. Illinois: +50%
3. Arizona: +48%
4. Pennsylvania: +44%
5. Nebraska: +35%
   Florida was #13 and California #21 on the list….
   
   These are the factors that have driven up rates:

• Climate-related: Wildfires, flooding and severe weather events are damaging more homes
• Inflation: Rising labor, construction and building material costs have made homes more expensive to build and repair.
• Reinsurance: The reinsurance market is tight and rates have increased as providers pass the cost onto customers
• Weak regulatory oversight: State insurance commissioners have given insurers much more leeway in raising premiums.
  
  These are some ways to reduce premiums, besides shopping around for competitive bids:

1. Bundle home and car insurance
2. Evaluate what coverage you do and don’t need.
3. Raise deductibles.
4. Improve your credit.

(COMPASS) 04/30/2025