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Fact Check: Homeowners insurance rates have skyrocketed over 40% in the last six years.

Fact Check: Homeowners insurance rates have skyrocketed over 40% in the last six years.

Published June 20, 2025
by TruthOrFake AI
±
VERDICT
Partially True

# Fact Check: "Homeowners insurance rates have skyrocketed over 40% in the last six years." ## What We Know The claim that homeowners insurance rates...

Fact Check: "Homeowners insurance rates have skyrocketed over 40% in the last six years."

What We Know

The claim that homeowners insurance rates have increased by over 40% in the last six years has some basis in reality, but the specifics can vary depending on the source and methodology used to calculate the increase. According to the Insurance Information Institute (Triple-I), homeowners insurance costs have been influenced by several factors, including rising natural catastrophe losses, inflation, and legal system abuses, leading to significant rate increases since the pandemic began in 2020 (source-1).

From 2017 to 2023, premiums rose by approximately 34% on average across the United States (source-2). However, some states have experienced even more dramatic increases. For instance, certain states have seen homeowners insurance rates rise by over 50% during this period (source-3).

Overall, the average annual homeowners insurance premium rose from $2,656 in 2021 to $3,303 in 2024, reflecting a 24% increase over that specific timeframe (source-3).

Analysis

The claim that homeowners insurance rates have increased by over 40% in the last six years is partially true. While the average increase across the nation is reported at 34% from 2017 to 2023 (source-2), some states have indeed experienced increases exceeding 50% (source-3).

The sources cited are generally credible, with the Triple-I being a well-respected organization in the insurance industry, providing data and insights based on extensive research. However, the variation in reported increases suggests that the claim may not uniformly apply across all regions or demographics. For example, while some homeowners may see increases well above 40%, others may experience lower rates of increase or even stability in their premiums.

Additionally, the context of rising costs due to inflation, climate change, and increased natural disasters adds complexity to the discussion. The insurance industry is facing unprecedented challenges, leading to adjustments in pricing models to ensure solvency and coverage adequacy (source-1, source-2).

Conclusion

The verdict on the claim that homeowners insurance rates have skyrocketed over 40% in the last six years is Partially True. While the average increase is around 34% nationally, some states have indeed seen increases exceeding 50%. The variability in rates across different regions and the impact of various economic factors complicate a straightforward interpretation of the claim.

Sources

  1. Rising Homeowners Insurance Costs Since Pandemic Driven by ... - III. Link
  2. Why US Home Insurance Rates Are Rising Fast - Climate Change Plays a ... - Insurance Journal. Link
  3. Homeowners Insurance Has Increased Over 50% in These States - CNBC. Link
  4. Home insurance rate increases: Top companies' rates increased 10.4% on ... - Insurance.com. Link
  5. Why Homeowners Insurance Rates Are Rising And How To Manage ... - Forbes. Link
  6. 72% of Home Insurance Policyholders Saw Rates Increase in 2023 ... - ValuePenguin. Link
  7. Why did your homeowners insurance go up? - Policygenius. Link
  8. Facts + Statistics: Homeowners and renters insurance - III. Link

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Detailed fact-check analysis of: How nuts is Mark Carney? Perhaps nuttier than you think. Have a read of this piece in the Financial Post, by Matthew Lau. "Having left his gig as UN Special Envoy for Climate and Finance to lead the federal Liberal government, Mark Carney is now in a position to focus his and Greta Thunberg’s global climate crusade squarely on Canada. The crusade, Carney boasted back in 2021 while in his previous role, is worth many trillions of dollars. As he told CBC News at that year’s UN climate conference, “We have banks, asset managers, pension funds, insurance companies from around the world — more than 45 countries — and their total resources, totalling US$130 trillion” dedicated to transitioning the world’s economy away from fossil fuels. That dollar figure is higher than global GDP. Last month, Carney laid out Canada’s required contribution to his climate ambitions: “Canada must invest $2 trillion by 2050 — about $80 billion per year — to become carbon competitive and achieve Net Zero. However, investments in decarbonisation currently run between $10–20 billion annually.” The implication is that another $60-70 billion a year will need to be wrung out of Canadian businesses and consumers, either through direct taxation and government spending or with regulatory browbeating to push Canadians’ savings and investments into global warming initiatives. Carney has made no effort to hide his agenda to browbeat businesses into joining his and Greta Thunberg’s climate crusade. In a 2021 interview he declared, “We need a sustainable economy, and is your business aligned with that? Are your hiring practices consistent with that? Are you developing people in a way that’s consistent with that? Ultimately, what’s being asked of businesses when it comes to climate is, do you have a plan for net-zero? Canada has a legislated objective for net zero alongside another 130 countries.” “A Swedish teenager,” Carney continued, referring to Thunberg, “can figure out the carbon budget and that we have less than 10 years and you have to get to net-zero to stabilize it and if you’re a company and you have purpose, well, what’s your plan? And all these plans need to come together.” This is utter insanity: under Justin Trudeau Canada suffered rapidly declining business investment and now his successor wants the country’s business leaders to take financial planning directives from Greta Thunberg. While the federal government barrels down the road to net-zero impoverishment for Canada, everyone else is looking for the exit ramp. In January, six of the largest U.S. banks — JPMorganChase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley — quit the Carney-led net-zero banking alliance. Canada’s Big Six Banks — RBC, TD Bank, BMO, Scotiabank, CIBC and National Bank — have quit the initiative as well. Even Europe is beginning to back off on government piling climate obligations onto businesses in the name of fighting global warming. As the Wall Street Journal reports, the EU is watering down its climate accounting policies “amid pushback from member states and companies within the bloc over the new rules, which they say would have increased costs and reduced the competitiveness of their business.” Specifically, regulations previously scheduled for this year would have forced companies “to report in detail on their environmental, social and corporate-governance performance while making significant cuts to the emissions from within their supply chain.” The EU is now dropping, weakening or postponing many of these climate regulations, so that businesses will be able to better “grow, innovate, and create quality jobs.” This is effectively an admission that piling climate obligations and environmental reporting mandates onto businesses prevents them from growing, innovating and creating good jobs. Unfortunately, Mark Carney is all about climate obligations and reporting mandates. The road Canada is currently marching down for climate-related financial disclosures is based on a framework proposed by a task force Carney initiated in 2015. His aforementioned Thunberg-praising interview was not with an environmental journalist, but with Pivot Magazine, which is published by CPA Canada, the accounting industry’s national association. “We cannot get to net-zero without proper climate reporting,” he insisted, speaking of the need for “one core global standard” for climate accounting and reporting. A global climate reporting standard to help push trillions of dollars — yes, trillions with a “T” — from Canadian workers and taxpayers into Mark Carney and Greta Thunberg’s climate crusade? After a decade of Justin Trudeau’s ruinous policies weakening Canada from coast to coast, there could be little worse for the country and its economy than a Liberal government led by Mark Carney." The Financial Post

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