The Consumer Federation of America (CFA) has released a new report that shows American homeowners saw their insurance premiums increase by an average of 24% over the past three years. Nationally, CFA found homeowners saw their insurance premiums rise twice as fast as inflation between 2021 and 2024, which amounts to a $21 billion total price hike for Americans.
However, CFA and the Arizona Public Interest Research Group (Arizona PIRG) said the data for Arizona is even more stark. On average, CFA found that Arizonans are experiencing double the national average in the cost of homeowners insurance premiums, with an increase of more than $700 in a three-year time span. Arizona PIRG warned that in parts of Arizona, the threat of a wildfire may soon be making it even more expensive to maintain or even obtain private coverage.
“The skyrocketing price of insurance premiums is deepening the housing crisis – and homeowners across the country are feeling the strain,” said CFA’s Director of Housing Sharon Cornelissen, a lead author of the new report, “Overburdened: The Dramatic Increase in Homeowners Insurance Premiums and its Impacts on American Homeowners”…