Insurance rates for homes nationwide have surged by 38 percent since 2019.
This is roughly double the 22 percent growth in median homeowner income during this period, real estate marketplace Zillow said in a June 6 statement.
“In the largest metro areas, insurance costs range from $1,200 to $4,000 annually for the typical homeowner and comprise about 2 percent of household income. The typical annual insurance premium has increased by $500 since 2019,” Zillow said.
However, “there are large differences in major markets across the country. In Boston, premiums have increased by only 14 percent since 2019, adding an additional $267 to the annual cost of homeownership, whereas in Miami, insurance premiums rose by 57 percent during that time, an increase of $1,478.”…