Early 2000s: Average Yearly Home Insurance Cost
In 2001, the average yearly cost of homeowners insurance was $536. In the next few years, this price slowly went up to $593 in 2002 and then $668 by 2003. During these early years of the millennium, the housing market was stable yet growing, and there were few disasters. This led to moderate increases in insurance costs.
Mid-2000s to 2010: Steeper Climbs
By 2004, the average yearly home insurance cost of homeowners insurance had climbed to $729, and it kept rising sharply throughout the decade. By 2010, it reached an average of $909 per year. This increase was partly due to natural disasters like hurricanes and floods, which raised risks and claims. Also, a real estate boom before the 2008 financial crisis pushed up property values and, as a result, insurance premiums.