Double-Digit Hike in Homeowners Insurance Rates for 2nd Consecutive Year

Premiums in Nebraska, Iowa, Minnesota, Montana, Utah, and Washington jumped by more than 20 percent last year.

A State Farm insurance company sign sits amid the rubble of a building destroyed by fire in the Pacific Palisades neighborhood of Los Angeles, Calif., on Jan. 16, 2025. Frederic J. Brown / AFP via Getty Images

Insurance premiums of American homeowners rose last year, with rates increasing by more than 20 percent in six states, according to a recent report from S&P Global.

In 2024, insurers raised rates by an average of 10.4 percent as of Dec. 27, which followed a 12.7 percent hike in the previous year, according to the Jan. 21 report from the company.