Get this – experts predict that home insurance rates are set to skyrocket in Louisiana by 2024. Currently, Louisiana ranks second for the most expensive average premiums at $6,354 per year, according to Insurify. Brace yourself, as there’s a possibility that rates could surge by a staggering 23% in just a few years.
The reason? Brace yourself for hurricane season – it’s likely to hit states like Louisiana and Florida hard. It’s no surprise that these are the two states with the highest home insurance rates in the entire country.
If you think south Florida is costly, think again. Residents there pay a whopping seven times more than the national average. Miami dwellers, in particular, shell out nearly $17,000 annually.
Predictions suggest that by 2024, the average insurance premium in Louisiana could climb to $7,809. New Orleans, alongside South Florida, tops the list for the priciest home insurance rates in the US. Blame it on hurricanes, fierce storms, and rising flood risks due to climate change.
The good news? You can mitigate these costs. Installing stormproof glass and shopping around for insurance quotes can save you a pretty penny.
Don Sheets, our expert, recommends fitting stormproof windows to minimize damage risks. Insurers might even reward you for such proactive measures. Always compare policies to nab the best deal.
As natural disasters loom, including this hurricane season, brace yourself for higher insurance rates across the board. With costs climbing, some Americans opt to drop coverage.
According to the Consumer Federation of America, a whopping six million homeowners in the US risk $1.6 billion in damages due to not having insurance. Quadrant information systems reveal a hefty 23% surge in home insurance rates in the past year alone, burdening homeowners.
It’s a tough situation out there. Rising costs of home insurance mean financial peril if disaster strikes. Plus, with insurers shying away from risky markets, your choices are shrinking.
Remember, as hurricane season approaches, seek advice from neutral insurance brokers. They can help navigate the stormy waters of high-risk areas.