If you were hit with a renewal quote that's significantly higher than what you were paying, you're not alone. It's no secret that home insurance costs are rising, in large part due to increased claims from floods or other natural disasters, inflation and elevated home prices.
Home insurance rates are up 40.4% cumulatively since 2019, according to LendingTree. Insurance costs are also increasing due to industry consolidation and disruption as insurance companies exit whole markets like California and Florida.
