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How much does home insurance go up every year?
My homeowners insurance has gone up almost 10% since 2017—that’s more than the rate of inflation! How much does home insurance go up every year? Should I expect this type of increase to continue?
Rachel Rigolino · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
According to the experts, home insurance rates went up by an average of 6% between 2021 and 2022, which is a far steeper increase than usual.
**Insurance rates typically do increase each year to cover the increased value of your home—but these increases are typically far less than 6% **.
Before the pandemic fueled increases in the cost of building materials and before housing valuations rose so steeply, rate increases for the average homeowner (who had not filed an expensive claim in the past) were more modest.
For example, in 2017, premiums rose only 1.7% and in 2018, the average increase was 3.1%.
If you’re looking to lower your premiums, here are some strategies to try:
- Bundle policies. If you bundle your car and home insurance policies, you’ll likely qualify for a discount.
- Increase your deductible. Review your policy and see whether you can tolerate a higher deductible—this move will lower your rates.
- Update your home. Installing upgrades like a new roof, security system, or hurricane shutters can lead to substantial savings.
- **Do somecomparison shoppingbefore automatically renewing your policy. Take a few minutes to shop quotes from different insurers to see if you’re offered a lower rate by switching.
Concerned about rising home insurance costs? Whether you’re shopping for renters, home, or
car insurance
, let Jerry
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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