Home insurance prices are rising across the U.S., fueled by extreme weather and climate change, but Arizona homeowners are paying below the national average, according to a new analysis from Bankrate.
The national average annual home insurance premium rose 9% since 2023, reaching $2,470 in July. This figure reflects quotes for a married couple with a clean claims history, good credit, and an eight-year-old $300,000 home.
In Arizona, homeowners pay an average of $2,309, roughly 2.99% of income, placing the state near the middle compared to others. The Phoenix area sees slightly higher premiums at $2,387.
While Arizona is largely free from hurricanes and tornadoes, wildfires pose a significant risk. Homeowners statewide, including those in Maricopa County, may face premium hikes or even policy cancellations due to wildfire threats. According to Cotality, a property data firm, Arizona has 123,906 homes at moderate or higher wildfire risk.
As extreme weather events become more frequent, Arizona’s relatively moderate rates may still rise, particularly in high-risk areas, underscoring the growing impact of climate change on homeowners’ insurance costs.
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