Almost half of insured homeowners, 47%, reported that if their insurance premium increases over the next year, they will have difficulty affording their mortgage.
On average, new home buyers expected to pay $2,692 in home insurance, but actually paid an average of $2,887, according to
"Americans are facing rising insurance costs due to various factors, including economic pressures like higher labor rates, increased costs of building materials, and severe weather risk," said David Seider, chief commercial officer at The Zebra, in the report. "While competition and discounts give consumers opportunities to save, most renewals will remain high. If the economy weakens, insurance could take a growing bite out of take-home pay, prompting more frequent shopping for better deals – or even causing some to forego coverage altogether."
Seventy-four percent of new homeowners reported that their homeowners insurance premium played a significant part in their overall housing budget, according to The Zebra.
With affordability in mind, new homebuyers also shop for insurance more frequently using tools like comparison sites and researching directly on carrier websites. "While housing
According to the report, first-time buyers were also more likely to seek supplemental coverage for events such as floods, earthquakes or hurricanes in addition to their home insurance policy, with 83% of respondents saying they were considering it.
