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Freddie Mac recently published updated home insurance data for all 50 states. “We find that effective [homeowners] Insurance rates were highest in the central United States, resulting in notable cost burdens in many states within this region. Among all income groups, low-income borrowers faced the greatest challenges. They added: “While the costs [homeowners] Insurance remains a small portion of housing expenses, a trend we will continue to track moving forward.
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Among US states, these five states had the least burden of homeowners’ insurance costs, indicating the proportion of mortgage borrowers’ monthly income allocated to home insurance premiums in 2023.
- Oregon: 0.90%
- Utah: 0.90%
- California: 1.00%
- New Hampshire: 1.00%
- New Jersey: 1.00%
These five states had the highest homeowners insurance cost burden.
- Louisiana: 3.30%
- Oklahoma: 3.00%
- KS: 2.60%
- Mississippi: 2.60%
- Nebraska: 2.60%
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