A view of flooded streets after 24 hours of continuous heavy rain over Fort Myers, Florida, United States on June 13, 2024.
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Consumers preparing to renew their homeowners insurance policy may experience some unexpected sticker shock.
Between May 2022 and May 2023, home insurance prices rose an average of 21% at renewal time, according to Policygenius.
A rise in catastrophic severe weather events contributed to this jump, experts say, and the rate of price increases is not expected to slow. As insurers face higher costs, they pass those along to consumers in the form of pricier premiums.
However, insurers don’t share data on individual homeowners’ premiums and risks, so it’s difficult to calculate just how
