Why Are Your Home Insurance Bills So High?

Why Are Your Home Insurance Bills So High?
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Anne Johnson
Updated:
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Everyone realizes eggs and gas prices have increased, but what about homeowners insurance? According to a Policygenius analysis, homeowners experienced higher premiums at an average increase of $244 between May 2022 and May 2023.

Rates are expected to continue increasing. And this is true even if you don’t live in a disaster-prone area. But why are homeowners insurance rates increasing yearly?

Rising Construction Costs

Building costs affect premiums. When the price of supplies and skilled labor increases, you will pay for it.
Anne Johnson
Anne Johnson
Author
Anne Johnson was a commercial property & casualty insurance agent for nine years. She was also licensed in health and life insurance. Anne went on to own an advertising agency where she worked with businesses. She has been writing about personal finance for ten years.
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