Kansas home insurance costs projected to rise in 2024
KANSAS (KSNT) - Kansas home insurance costs are expected to rise faster than the national average in 2024. Insurify, an insurance shopping website, published its home insurance rate projections for 2024. The company is projecting a 6% increase in policy rates nationwide and projecting a 7% increase in Kansas. In 2023, Kansas had the 9th [...]
KANSAS (KSNT) - Kansas home insurance costs are expected to rise faster than the national average in 2024.
Insurify, an insurance shopping website, published its home insurance rate projections for 2024. The company is projecting a 6% increase in policy rates nationwide and projecting a 7% increase in Kansas.
In 2023, Kansas had the 9th highest homeowners insurance cost in the USA. The average homeowner's insurance rate in Kansas in 2023 was $3,437 but rates are projected to rise $229 in 2024.
According to Insurify, states with severe weather are prone to having higher insurance costs. Kansas, Nebraska and Texas run the risk of tornadoes, driving rates higher. The rates in Kansas in 2023 were $1,060 higher than the national average of $2,377.
While Insurify attributes higher costs to severe weather, Alan Chang of Vested Title & Escrow told Newsweek inflation is to blame.
"The basic cause of increasing cost of coverage is that simply everything is more expensive," Chang said. "Wages are more costly now than ever. Materials are near an all-time high. Damage is simply more expensive to cover, so insurance needs to catch up to maintain historical profit margins or to prevent further losses."
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