These 2 Home Insurers Have Jacked up Rates the Most in 2023

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Upset couple looking at a bill
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If you have homeowners insurance with Farmers or USAA, you probably felt a little extra pain in the wallet recently.

Those two insurers led the way with double-digit homeowners insurance premium increases through Sept. 1, 2023, according to S&P Global Market Intelligence’s RateWatch application.

Premium rates for Farmers policyholders jumped 14.8% during that period, while USAA customers saw their rates climb by 14.7%.

S&P Global Market Intelligence reports that so far in 2023, Farmers has received approval from state regulators to increase rates in 43 states. In 28 of those states, the calculated weighted average change will be higher than 10%, with the largest increases in:

  • Illinois: 25.3%
  • Texas: 25.1%
  • Tennessee: 23.8%

USAA has hiked rates in 44 states so far. The weighted average change surged by double digits in about 60% of those states. The biggest increases were in:

  • Arizona: 36.6%
  • Colorado: 34.7%
  • Tennessee: 30.1%

However, Progressive had the single biggest statewide premium increase — about 57% in North Carolina. That rate went into effect on June 19 for renewal business.

Overall, rates have increased most for homeowners in Arizona (18.4%), Texas (16.4%) and Illinois (16.3%). They are among a dozen states that have seen double-digit increases in insurance premiums.

While rates are climbing in many parts of the country, a few places have seen only modest increases in premium costs. They are:

  • Hawaii: Weighted average increase of 1.8%
  • District of Columbia: 2.3%
  • Vermont: 2.5%
  • New Jersey: 2.8%

If increasing homeowners insurance rates have you concerned, it might be time to shop for a better deal. Gathering quotes from multiple insurers is one of the best ways to find the coverage you need at the best rates.

One way to do this is to shop through a one-stop marketplace such as Provide.

For more tips, check out “Homeowners Insurance Costs Are Soaring: 5 Ways to Fight Back.”

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