Miami And New Orleans Have $10,000 Home Insurance
According to BankRate’s new “True cost of home insurance: Extreme weather and poor credit are affordability barriers,” Americans spend an average of $2,470 annually on their home insurance Among America’s 34 largest cities, the prices in Miami and New Orleans are triple that. For a middle class those markets may not be affordable for a household with a $2,000 mortgage payment a month.
Wind, hurricanes, and wildfires are the components of most home insurance prices, BankRate reports. Rates are based on anticipated figures for 2025.
The average annual premium for a home in Miami is $10,194, which is $7,724 above the national average. This is 17% of household income, which is provided by the Census.
Hurricanes
New Orleans is worse. The average price of home insurance there is $10,665. That is $17.48% of household income.
It is not clear why home insurance is so high as a percentage of household income. Some people cannot keep their homes And, the prices could get worse. Miami and New Orleans have been hit by huge hurricanes in recent decades, and hurricanes in the southern Atlantic and Gulf of Mexico are getting worse.. In some states, private home insurance is no longer available.
This is an example of how expensive climate change has become for some Americans
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