Homeowners insurance costs have risen sharply for many people around the U.S. in recent years.
Policyholders looking to reduce their premiums have some relatively straightforward options, according to insurance experts. Other maneuvers require a financial investment that could ultimately save money in the long run, they said.
Average insurance premiums jumped 24% between 2021 and 2024, to $3,303 per year, according to a report published last year by the Consumer Federation of America, a consumer advocacy group.
This is roughly the pace of U.S. inflation over that period, according to consumer price index data. The U.S. Treasury Department, in an analysis published last year, found average policy premiums outpaced the rate of inflation by 8.7% from 2018 to 2022.
Residents of some states pay much more than the average. For example, in Louisiana and Nebraska, average premiums exceed $500 per month, or more than $6,000 per year, according to a February report from Bankrate.
