Insurance rates for both home and auto have been climbing steadily this year, driven by inflation, increased claims, and external factors such as weather events. Here’s a breakdown of what you can expect for both types of insurance across the United Sates:

Auto Insurance Costs

Auto insurance costs in 2024 have surged, with the national average for full coverage sitting around $2,543 per year, up from $2,014 in 2023​. This hike is largely due to rising vehicle repair costs, more severe weather events, and increased car crash fatalities. Key factors influencing individual rates include your location, driving history, and the specific coverage you choose. Some notable trends:

• Florida and Louisiana tend to have some of the highest auto insurance rates in the country, where drivers can pay over $2,800 per year​.
• States like Maine and Iowa offer significantly lower rates, with full coverage averaging around $1,500 annually​.

States also vary in how they set insurance rates, with some limiting how factors like age or credit score affect pricing. For instance, California restricts insurers from using age as a factor, while states like Michigan and Florida have much higher costs due to no-fault laws and a high number of uninsured drivers​.

Home Insurance Costs

Home insurance costs in 2024 average around $1,236 annually, though this varies widely based on the value of your home, your location, and the type of coverage you choose. Home insurance rates have been particularly affected by increased claims from natural disasters such as wildfires and hurricanes​. States prone to extreme weather events, like Florida and California, often see premiums significantly higher than the national average.

• In Florida, home insurance can easily exceed $2,000 annually for standard coverage due to hurricane risks.
• On the other hand, states with fewer extreme weather events, like Ohio or Iowa, tend to have more affordable rates​.

Bundling Home and Auto Insurance

Given the rising costs of both auto and home insurance, many people opt to bundle these policies to take advantage of discounts. Bundling typically provides savings of 10% to 25%, depending on the insurer. For instance, State Farm, one of the largest insurers in the U.S., offers one of the most competitive bundle options, with an average bundle cost of $2,559 per year​. GEICO, Progressive, Allstate and Farmers also offer significant discounts for bundling, allowing customers to streamline their insurance and potentially save hundreds of dollars annually.

Overall, the key takeaway for 2024 is that both home and auto insurance prices are on the rise, making it more critical than ever to stay informed on the factors affecting your rates, bundle policies where possible and shop around. Here’s how it works:

*LowestQuotes.com is not affiliated with any state or government agency. Advertised example rates are returned based on customer’s self-reported data, by comparing their current reported premium against their new policy premium. National average 12 month savings (auto = $744, home + auto bundle = $839) by new customers surveyed in last 90 days. Your actual savings will vary based on many different factors like: coverage limits, deductible, driving history, education, occupation, type of vehicle, location & more.