Homeowners Grapple with Rising Insurance Premiums: A Closer Look
Amidst a backdrop of rapidly rising insurance costs, homeowners like Mark Patrick find themselves in a constant battle to manage their expenses. Over the past six years, Patrick has switched his insurance provider three times as his premiums soared by nearly 40%, despite never filing a claim.
A trend affecting many, homeowners in Hampton Roads have witnessed average premium increases of 33% between 2021 and 2024, translating to an annual hike of $835. This brings the average cost from $2,509 to $3,344 according to the Consumer Federation of America.
The Consumer Federation attributes these increases to escalating building costs, more frequent extreme weather events, climate change risks, and inadequate regulatory oversight, affecting 95% of U.S. ZIP codes.
Patrick, residing in a three-story townhome-style condo at Virginia Beach’s North End, has been proactive in countering these rises. With his broker’s help, he’s navigated the limited insurance options available to coastal residents, managing to keep his premium increase to 16%, or $436, since 2020. “I think I’m at where I’m at, which isn’t absolutely awful, because I’ve really worked at it,” Patrick shared. “I feel for people that don’t really take the time to try to shop it.”
Initially paying $2,655 with Universal Property and Casualty, Patrick’s premium saw a series of increases: $2,706 the following year, $3,042 in 2022 with Narragansett Bay, and later a jump to $3,799 in 2023. Faced with a proposed 19% hike for 2024, Patrick switched to SageSure, only to be quoted a 46% increase for 2026. His persistence led him to secure a more favorable rate of $3,091 with Amwins, marking a significant reduction.
Similarly, Volpe Boykin from Isle of Wight County expresses frustration over his rising insurance costs. Despite maintaining a well-protected home, Boykin saw his insurance with Virginia Farm Bureau Insurance more than double from $2,148 in 2024 to $4,620 in 2025, a hike attributed to a policy-specific miscalculation. His eventual return to State Farm resulted in a more manageable $2,470 annual premium.
“These companies know most people must have their product and take full advantage of it,” Boykin noted. Despite the challenges, both Patrick and Boykin underscore the importance of vigilance and comparison shopping in the face of increasing premiums.
Sandra J. Pennecke, 757-652-5836, sandra.pennecke@pilotonline.com
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