ICYMI: Consumer Federation of America Finds U.S. Homeowners Faced 24% Increase in Insurance Premiums Over the Past Three Years
FOR IMMEDIATE RELEASE
April 1, 2025
Contact: contact@insurancefairnessproject.com
ICYMI: Consumer Federation of America Finds U.S. Homeowners Faced 24% Increase in Insurance Premiums Over the Past Three Years
Meanwhile, Analysis from Lending Tree Shows That 1 in 7 U.S. Homes Are Without Insurance
Washington, D.C. — A new report released today from the Consumer Federation of America (CFA) revealed that Americans saw insurance premiums rise 24% over the past three years, amounting to a $21 billion total price hike.
Additional findings from the CFA study:
From 2021 to 2024, annual insurance premiums for a typical homeowner increased by an average of $648 across the country.
By 2024, typical homeowners paid $3,303 per year for homeowners insurance.
Premiums increased in 95% of U.S. ZIP codes, and consumers in one-third of ZIP codes saw their premiums rise by more than 30%.
The sharpest increases were found in Utah (59% jump in premiums), Illinois (50%), Arizona (48%), and Pennsylvania (44%).
The most expensive states in which to insure a home are Florida, Louisiana, Oklahoma, Kentucky, and Nebraska.
Meanwhile, a recent analysis from Lending Tree found that 1 in 7 homes are without home insurance because owners are struggling to afford premiums.
“American homeowners are facing unprecedented premium hikes,” said Douglas Heller, CFA’s Director of Insurance. “But the insurance commissioners and lawmakers we depend upon to ensure that this critical coverage is available and affordable have not done enough to collect, let alone make public, the data from insurance companies that are needed to effectively target solutions to this crisis and hold bad actors accountable. Americans are stuck buying insurance from companies that our public officials seem afraid of.”
“The home insurance crisis is a five-alarm fire with deep-reaching impact, affecting every corner of the country,” said TJ Helmstetter, spokesperson for the Insurance Fairness Project. “It’s long past time for state government leaders to act – to rein in insurance companies, keep costs down for families, and make communities livable again.”
Last week, the Insurance Fairness Project released a new poll which shows 78% of likely U.S. voters are concerned about rising property insurance prices, with 40% of those saying they are “very concerned.” The same poll shows that a majority of voters think that federal and state governments are doing too little to fix the problem.
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The Insurance Fairness Project is an information hub dedicated to offering insights into the home insurance crisis, exploring its drivers and highlighting solutions alongside issue experts and community advocates.
