Weather experts are expecting an active hurricane season in 2024, and data projects home insurance rates could soar even higher in states like Florida and Texas.
Homeowners insurance premiums have been soaring in the U.S. for years, but residents of some coastal states could see rates surge even higher due to expectations that 2024 will be an active year for hurricanes. Forecasting service WeatherBell Anayltics is predicting a "hurricane season from hell" this year, estimating that five to eight hurricanes will hit the U.S., with three to five expected to be "major" disaster events.
Residents of Florida, the most hurricane-prone state in the nation, paid an average of $10,996 in annual homeowners' insurance premiums last year, and Insurify projects their rates will jump by 7% to an average of $11,759 by the end of 2024. The analysis determined that Louisiana and South Carolina could see double-digit homeowners' insurance rate increases by year's end.
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