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Freddie Mac not too long ago printed updated home insurance data for all 50 states. “We discover that the efficient [homeowners] insurance coverage charges had been the very best within the central U.S., resulting in notable value burdens in a number of states inside this area. Amongst all revenue teams, lower-income debtors had been extra challenged,” wrote Freddie Mac economists. They added: “Whereas the prices of [homeowners] insurance coverage stay a small fraction of housing bills, it’s a pattern that we are going to proceed to trace going ahead.”
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Amongst U.S. states, these 5 had the bottom owners insurance coverage value burden, indicating the proportion of mortgage debtors’ month-to-month revenue devoted to house insurance coverage premiums in 2023.
- Oregon: 0.90%
- Utah: 0.90%
- California: 1.00%
- New Hampshire: 1.00%
- New Jersey: 1.00%
These 5 states had the very best owners insurance coverage value burden.
- Louisiana: 3.30%
- Oklahoma: 3.00%
- Kansas: 2.60%
- Mississippi: 2.60%
- Nebraska: 2.60%
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