The astronomic rise in mortgage rates and spike in home prices over the past year have pushed a key tenet of the American dream out of reach for millions of families. Now, there is another obstacle to homeownership: higher home insurance premiums. The average cost of home insurance for a $300,000 property in the U.S. surged 12% in 2023 to roughly $1,770 per year, according to recent data published by Insurify, an insurance comparison website headquartered in Massachusetts.
As a recurring cost of owning a home, albeit a relatively smaller component, surging insurance premiums could add extra cost burdens on many households in this high borrowing cost environment," Freddie Mac economists wrote in a recent blog post about the matter. Freddie Mac data shows the average annual home insurance premium was $1,081 in 2018 among borrowers living in a single-family home with a conventional 30-year mortgage.
Source: Insurance Report (insurancereport.net)
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