Oct 17, 2024 - News
Charted: Home insurance burden
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Over 8% of Iowa homeowners with a mortgage were paying at least $3,000 a year for home insurance as of 2023, according to new census data.
- That's below the national average, where around 13% of U.S. homeowners are shelling out that kind of cash.
Why it matters: Home insurance costs are up considerably over the last few years — even to the point of quietly driving up inflation, Axios' Emily Peck reported.
The big picture: Iowans have been battered with extreme weather like derechos in the last four years, but our share of home insurance pain is still less than many other states.
- It's a much different story in Florida (where 36.5% of homeowners are paying $3,000 or more for insurance), Louisiana (32.8%) and Texas (25.6%).