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Premiums Soar for Home and Auto Insurance, Business and Industry Trends Analysis

For the first eight months of 2023 alone, the National Oceanic and Atmospheric Administration estimated that 28 weather disasters occurred in the U.S., with damages of at least $1 billion each. The disasters continued in 2024, with Hurricane Helene’s damage and related expenses in North Carolina hitting and estimated $53 billion. This rocked the insurance industry for both home and auto policy coverage.

Major insurance companies were forced to raise rates substantially. Farmers Insurance Group, for example, upped home insurance rates by more than 23% in 2023 for policy holders in Illinois and Texas. State Farm reported property-casualty underwriting losses of $13 billion in 2022. In 2023, the firm ceased writing new home insurance policies in California. That same year, California state regulators approved a 20% home insurance rate increase.

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