LINCOLN- Nebraska experienced a 61% increase in homeowners' insurance rates over the past year, making it the second-highest spike in the nation. The state, already prone to severe weather like hail and tornadoes, now has the highest home insurance rates in the country, with an average annual premium of $5,655 for a $300,000 home, significantly above the national average. Recent weather events have exasperated this trend in the state.

Insurance companies, facing substantial storm-related losses, have raised rates and, in some cases, stopped taking on new policies in Nebraska. Independent insurance agents like Pat Lemmers noted that companies could no longer absorb the losses and have also started excluding cosmetic damage from coverage.

In response to this crisis, Rep. Mike Flood announced plans to form a state working group this fall, including insurance industry leaders, home builders, and other stakeholders. “We need to tackle this problem and do so quickly,” Flood said. The group's goal is to find ways to support Nebraska homeowners who are struggling with the rising costs of insurance and property taxes, which are making it increasingly difficult for them to afford their homes.

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