In 2024, the US homeowners' insurance market is expected to see improvements due to sharply higher pricing, according to Fitch Ratings. This comes as home insurance in the US has seen a significant increase, jumping 23% year over year. Some states have experienced even more drastic spikes, with average home insurance rates surging by as much as 60%. Concurrently, the US is witnessing a notable increase in home foreclosures, driven by soaring interest rates, job losses, and rising costs for groceries and utilities, which are significantly impacting earnings. A report highlights the states that are worst affected by these trends.
Map reveals states with highest home-insurance costs https://t.co/eCz6m5zDOs https://t.co/GCfRXYSd85
Home foreclosures shoot up 10% amid soaring interest rates, job losses and higher grocery and utility bills eating into earnings - here are the states WORST affected https://t.co/KF1nPADX2G https://t.co/0RSKREHvnU
U.S. home foreclosures see a 'notable' increase amid ongoing cost-of-living crisis: https://t.co/SkykM5qR2h by @megan_henney $WFC $XHB https://t.co/zxcx0ho89t
Average home insurance spiked by as much as 60% in these states: report https://t.co/4GnKl37nH3 https://t.co/2N4iRd2WdO
Home insurance in the US has jumped 23% year over year. https://t.co/6Ylum8pPZO
US Homeowners’ Insurance To Improve In 2024 On Sharply Higher Pricing - @FitchRatings https://t.co/OBhSB4cb37