Home insurance costs have been rising, especially in states hit by disasters. However, some parts of the Northeast haven’t seen the same effect.
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A recent LendingTree Insurance Stability Study found several Northeast states have had lower premium increases, which can result in smaller renewal hikes for homeowners.
Massachusetts
Massachusetts ranks as the most stable home insurance market, per the LendingTree study. For starters, premiums have only increased 29.6% since 2020, which is far less than the increases in states such as Colorado, Iowa and Minnesota, which have approached or exceeded 90%.
The state also has the lowest loss ratio in the country at 39.2%, meaning insurers are paying out less in claims than they collect. The bottom line? Premiums are rising more slowly in Massachusetts than in most states.
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Vermont
Home insurance premiums in Vermont have increased 19.6% since 2020, which is the smallest increase among the most stable states. Households only spend about 1.6% of income on coverage, the lowest share in the rankings. Those two factors have helped keep insurance costs from draining household budgets in the Green Mountain State.
New Hampshire
New Hampshire has also seen relatively limited cost increases. Rates there have only risen 26.9% since 2020, and residents spend just 1.8% of income on coverage, a share that’s still on the lower end nationally. Even with recent increases, insurance costs remain less expensive than in many other states.
Maine
After Vermont, Maine has one of the smallest home insurance increases in the country; premiums have only increased 20.0% since 2020. Households there spend about 2.4% of income on coverage, below the national average of 3.7%. That gap has helped keep insurance costs from rising as quickly as in higher-priced states.
New York
In New York, home insurance premiums have risen 25.5% since 2020. Again, it’s an increase that’s below that of many states. Households spend about 2.2% of their income on coverage, which is less than the national average. Together, these factors put New York among the more stable insurance markets.
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This article originally appeared on GOBankingRates.com: 5 States Where Home Insurance Is the Most Stable – and What That Means for Your Premiums
