3 States Where Home Insurance Rates Have Skyrocketed Amid Inflation

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Unhappy homeowner
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Millions of Americans have spent the past few years desperately searching for affordable housing. Now, those lucky enough to find a home are running wallet-first into another budget-busting woe: soaring home insurance premiums.

In some states, homeowners insurance costs rose by as much as 34% over the past year, according to an analysis by QuoteWizard by LendingTree, an online insurance marketplace.

Overall, home insurance costs are up 2% nationwide during that same period. But homeowners in some states are coping with exploding insurance costs.

Following are the states where homeowners insurance costs are skyrocketing.

3. Missouri

Kansas City Missouri homes
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Average home insurance rates in this state:

  • 2022: $2,714
  • 2021: $2,251

In the Show-Me State, insurers want to see your money. Average homeowners insurance rates have jumped 21% in the past 12 months.

2. South Carolina

Myrtle Beach South Carolina beach homes
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Average home insurance rates in this state:

  • 2022: $2,493
  • 2021: $2,048

Insurance rates in the Palmetto State are up 22% over the past year.

Fortunately, lawmakers have created an opportunity for homeowners to lower some of their costs a bit, as South Carolina is one of “3 States That Let You Save for Catastrophes — Tax-Free.”

1. Idaho

Boise, Idaho neighborhood
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Average home insurance rates in this state:

  • 2022: $1,418
  • 2021: $1,060

Idaho is attracting huge numbers of new residents. As we reported in “High-Tax States Americans Fled in 2021 — and Where They Moved,” the Gem State drew more new residents than any other state last year.

Unfortunately, rising insurance costs are walloping these transplants, as well as those who have called Idaho home for years. Rates are up 34% over the past year.

Lowering your homeowners insurance rates

Couple with house key
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If home insurance rates are climbing in your neck of the woods, take steps to rein in your costs. One of the quickest and easiest ways to lower your costs is to use a service like The Zebra that will compare quotes from many different insurance companies.

For more tips, check out “How to Get the Best Deal on Homeowners Insurance.”

You can also trim the costs of owning a home by making sure you avoid the “3 Dumb Ways Homeowners Waste Money Every Month.”