Homeowners Rates Increased 40% in 6 Years, According to LendingTree

• By: Olivia Overman
• July 9, 2025

Homeowners insurance rates have spiked 40.4% in the past six years, with double-digit increases reported in the last two years, according to LendingTree’s “2025 State of Home Insurance Report.”

While rates remained relatively stable from 2019 through 2021, they have since risen faster, with increases of 5.4% in 2022, 11% in 2023 and 11.4% in 2024.

The average annual cost of homeowners insurance across the U.S. is now $2,801, according to the report, with Oklahoma ($6,133), Nebraska ($5,912) and Kansas ($5,412) the most expensive states for homeowners insurance.

Nationally, homeowners insurance rates jumped 11.4% in 2024, with the biggest increases experienced in Montana and Nebraska (22.1%), and Minnesota and Washington (19.5%). The smallest rate increases were experienced in Florida (1.7%), Texas (3.4%) and New York (3.8%). No state saw a decrease in its homeowners rates in 2024.

“Home insurance companies had significant expenses in 2023,” said Rob Bhatt, home insurance expert and licensed insurance agent at LendingTree. “In seven states, they paid out more in claims than they earned in premiums. Like companies in other industries, they need to earn more than they spend to remain solvent. Unfortunately, they often have to raise their rates to accomplish this goal.”

The report also identified the states with the largest increases in homeowners rates over the six-year period from 2019 through 2024. Colorado saw a 76.6% cumulative increase, followed by Nebraska (72.3%) and Utah (70.6%). The smallest cumulative increases were in Vermont (12.2%), Alaska (12.9%) and Maine (17.9%).

Over that six-year period, Colorado experienced 24 disaster events with losses exceeding $1 billion, Nebraska experienced 25 billion-dollar natural catastrophes, and Utah experienced five disasters, according to the National Oceanic and Atmospheric Administration (NOAA).

LendingTree’s analysis is based on homeowners insurance data pulled in January 2024 from Quadrant Information Services.  

Olivia Overman is IA content editor.

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