Homeowners insurance premiums rose 24% from 2021 to 2024; here are strategies to lower costs
By
Greg Iacurci
A baker's-dozen of insight crammed into one ring.
Summary
Homeowners insurance premiums have surged 24% between 2021 and 2024, reaching an average of $3,303 per year. The article outlines strategies for policyholders to reduce costs, including straightforward options like shopping around and bundling policies, as well as longer-term investments such as home improvements (e.g., roof upgrades, storm-proofing) that can lower premiums. Experts emphasize that while some savings are immediate, others require upfront spending that pays off over time.
Key quotes
· 3 pulledAverage insurance premiums jumped 24% between 2021 and 2024, to $3,303 per year, according to a report published last year by the Consumer Federation of America.
Policyholders looking to reduce their premiums have some relatively straightforward options, according to insurance experts.
Other maneuvers require a financial investment that could ultimately save money in the long run, they said.
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