NY Times: Cost of Home Insurance Surges in Montgomery County, But Remains Well Below National Average
Home insurance premiums are surging nationwide, especially in parts of the country that have the greatest exposure to extreme weather, write Mira Rojanasakul and Christopher Flavelle for The New York Times.
Last year, home insurance premiums cost the typical U.S. household $2,530, or 33 percent more than in 2020. That represents a bigger jump than inflation, which increased prices by 19 percent across the economy over the same period.
Average premiums in Pennsylvania have risen by $439 since 2020, which puts the Keystone State among those with the lowest increases in that period. The highest increase was recorded in Florida, at $1,450.
In Montgomery County, homeowners paid an average of $1,590 in 2023 for insurance, which is significantly lower than other counties with a similar level of relatively low risk. However, that still represents an increase of 30.1 percent compared to 2020.
However, insurance costs in Montgomery County are just 0.4 percent of typical home values, which is much lower than average.
Read more about home insurance in Pennsylvania and throughout the country in The New York Times.
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