Home insurance is getting more expensive. Extreme weather and rising home costs help explain why.

Homeowners are paying more to protect their homes, largely because of rising building costs and more frequent and intense natural disasters.

Deadly wildfires destroyed Hawaii residents’ lives and property in Maui. In Southern California, residents were dealing with flooding from the first tropical storm to hit the area in more than 80 years when an earthquake also hit. Deadly flooding in Bucks County last month happened in a hazardous zone, and experts expect more frequent downpours due to climate change.

The United States has had about 250 natural disasters that caused $1 billion or more in damage over the last two decades, adjusted for inflation, according to the National Centers for Environmental Information. That’s more than double the number in the previous two decades. Severe storms are the most common. And Atlantic hurricane season is underway.

“If you haven’t been impacted by a severe storm yourself, you’re more likely to know someone who has now than 10 to 15 years ago,” said Rob Bhatt, an analyst for the national insurance marketplace QuoteWizard by LendingTree.

Rising labor and construction material costs mean homes are more expensive to rebuild now than a few years ago. Replacing belongings inside homes also costs more, thanks to inflation. And rising home prices mean rising home insurance costs, since more expensive homes cost more for owners to insure.

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There’s never a good time for inflation, higher construction costs, or more natural disasters, for which insurance companies pass costs onto consumers, but “when you have them happening together, that really puts a strain on the system,” Bhatt said.

Nationally, the average annual home insurance premium rose $19 from 2021 to 2022, but it jumped $149 this year, according to an analysis by QuoteWizard by LendingTree.

Average annual premiums rose 8% this year in New Jersey, Pennsylvania, and nationwide. The average cost in the Garden State is $1,022 — up $75 — and in the Keystone State is $1,128 — up $87.

The nationwide average annual rate was higher — $1,903 this year, according to the analysis, which collected home insurance quotes from some of the country’s largest home insurers. The report examined average rates for a sample owner-occupied house built in 2000.

The amount owners pay for home insurance can vary a lot because of differences in how companies price insurance plans. And individuals’ insurance costs depend on a variety of factors, such as credit history, size of deductibles, characteristics of homes, and amount of coverage.

Even with increased prices, an existing policy may no longer fully cover a home because of rising home prices, building costs, and numbers of natural disasters. Insurance companies often account for cost increases when they renew policies, so although increases in premiums can be “very shocking and unnerving,” they may reflect an increase in the home’s coverage, Bhatt said.

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In New Jersey, the cheapest plans that analysts at QuoteWizard by LendingTree found cost about $730 annually, compared to about $1,360 for the most expensive plans. In Pennsylvania, the cheapest plans cost about $700, compared to about $1,960 for the most expensive plans.

People living in the South and Midwest pay the most for home insurance. Nebraska’s homeowners have the highest cost — more than $4,000 per year, according to the analysis. They’re followed by residents in Kansas, Texas, and Oklahoma. All four states are in the country’s Tornado Alley.

Home insurance premiums increased the most this year in North Carolina. They’re up 44% to an average of about $2,600. Hawaii has the cheapest average premiums at about $460, but its devastating wildfires are making insurers reassess the state’s risks, according to the New York Times.

Nationwide, wind and hail are most often cited in property damage claims, according to the Insurance Information Institute. Next is water damage, followed by fire and lightning. Of these, fire and lightning are the most expensive claims.

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The most common type of homeowners insurance policy includes protections against fire, hail, and some damage from hurricanes and tornadoes, according to QuoteWizard by LendingTree. Standard homeowners insurance policies don’t cover floods, mudslides, or earthquakes.

Bhatt recommends that homeowners shop around for insurance and make sure companies have up-to-date information about their homes to get both the best rate and enough coverage. Choosing a higher deductible will cut down on monthly costs.

Owners also can ask local builders’ associations for estimated costs per square foot of building homes in their area to make sure their home is adequately covered.

The Hippo home insurance group also has some tips for residents concerned about extreme weather and their homes.

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