Arizona saw the highest home insurance rate cumulative increase in the country from 2019 to 2024, according to a LendingTree report released this year.
The big picture: The National Oceanic and Atmospheric Administration recorded eight extreme weather events with losses totaling $1 billion or more in the state, including wildfires, drought and heat waves, during that time.
- That was at least a part of the reason rates went up 62%, per the report .
Threat level: In heavily wooded parts of the state, including Heber-Overgaard and Show Low, many homeowners can’t even find full-coverage insurance because of the wildfire risk.
- Matthew Baker of Gilbert-based Strong Tower Insurance Group told Axios his firm often has to turn away homeowners in these areas because large insurance companies they work with won’t insure high-risk properties anymore.
Between the lines: Homeowners in Northern Arizona might still find some companies willing to insure them, but they’ll probably have limited coverage, high premiums and high deductibles, Baker said.