![]() Home insurance coverage is based on the cost to rebuild your home, and that may have gone up drastically as the price of many building materials has risen and supply chain issues have made the building process more expensive. Sky-high inflation is one of the main culprits behind the increase in premiums. ![]() Re-shop your policy to protect yourself from inflation The smallest increase belongs to New York, whose residents saw a bump of $57. ![]() The largest increase in terms of raw dollar amount belongs to Oklahoma, with Sooners forking over $257 more per household than they did in 2021. Here are the 10 states where home insurance premiums have seen the largest year-over-year increase, according to Policygenius.Īrkansas' pace-setting increase amounts to a $228 hike to the average annual premium from 2021, bringing the average annual cost for a policy up to $1,235. "Not only are premiums getting more expensive, but with replacement costs going up, you could end up underinsured as a result." "It's a two-tailed effect," says Pat Howard, managing editor and licensed property and casualty insurance expert at Policygenius. Additionally, rising costs of building materials means that things could be more expensive than expected if you actually have to use your insurance.
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