Where Americans can't get mortgages in the US now

Between 2021 and 2024, average homeowners' insurance premiums increased by 24%, according to the Consumer Federation of America.

The cost to insure homes in disaster-prone states has also risen at a significantly faster rate than the national average. Between 2018 and 2022, consumers living in the top 20% of the at-risk zip codes paid $2,321 in average annual premiums, according to a Treasury Department report. This is 82% higher than those residing in the 20% of lowest risk zip codes.

In high-risk areas like Utah, premiums surged by roughly 59% over the last three years, while several insurers like Allstate and State Farm have pulled out of Florida and California.

Finding affordable insurance coverage

Insuring your home shouldn’t cost an arm and a leg.

You can compare offers from leading home insurance providers near you for free through OfficialHomeInsurance.com. Simply enter some basic information about yourself and the type of home you own, and OfficialHomeInsurance will browse through their database of over 200 insurers and display the lowest quotes in just two minutes.

By comparing your options and selecting the best rate available, you could save an average of $482 per year on premiums.

On this easy-to-use platform, you can read reviews of various insurance providers, and once you select the one you like, set up a free introductory call with your preferred provider, with no obligation to hire.

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What to do if your homeowners insurance is cancelled

When your homeowners insurance is cancelled, it’s important to find out why. If it’s due to a specific issue with your home, there may be steps you can take to remedy it. But if it’s part of a broad pullback at the county or state level, your options may be more limited.

You could, of course, shop for replacement insurance. But you may not have many affordable options.

In that situation, your best bet may be a FAIR plan. Short for Fair Access to Insurance Requirements, FAIR programs are state-run and provide insurance coverage for homeowners who can’t get it the conventional way, due to living in a high-risk area.

The problem, though, is that FAIR plans can be pretty basic, offering only coverage for dwelling and personal property. This means you may not be able to get loss of use or liability coverage.

Worse yet, FAIR plans commonly only insure homes at their cash value, as opposed to their replacement cost value — meaning, the amount of money it would take to rebuild. Such is the situation a number of Los Angeles wildfire victims are in now, where they're entitled to some payout from their insurance, but not enough to rebuild the properties they’ve lost.

That’s why it’s important to research insurance coverage options before buying a home. And if you find that your options are limited, consider it a red flag.