Home insurance rates are climbing due to a rising number of natural disasters. As a result, homeowners, particularly those located in some at-risk markets, will need to brace for higher costs.

Last year, there were 850 “natural catastrophes” worldwide that totaled some $350 billion, up from 500 disasters a decade earlier, the Insurance Information Institute reports.

Oklahoma homeowners are seeing some of the largest increases in home insurance rates in the nation. Costs have surged by 78%, or $821, since 2007. On average, an Oklahoma homeowner pays more than $1,800 annually for a premium. That is up from $1,054 a decade ago, according to QuoteWizard. Oklahoma has seen 192 natural disasters since 1955.

California has seen an even greater number of disasters, however, at 313 over that same period. But unlike Oklahoma, California homeowners have not seen their insurance costs rise as much. It had the second smallest increase in the nation, at just $75 since 2007.

States located in Tornado Alley—such as Kansas, Colorado, Nebraska, and Oklahoma—are seeing the steepest hikes in homeowner insurance costs. Rates in Colorado have increased by 75%, while Nebraska has posted a 74% uptick, QuoteWizard reports.

QuoteWizard offers the following snapshot of the states that have seen the highest increases in home insurance rates since 2007:

1. Oklahoma: $821
2. Kansas: $644
3. Colorado: $620
4. Nebraska: $595
5. Arkansas: $586

To view the full top 10 list, visit Forbes.com.

Following three consecutive weeks of increases, the 30-year fixed-rate mortgage posted a drop this week. The average rate was 3.69%, Freddie Mac reports.

“After a yearlong slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade-related optimism,” says Sam Khater, Freddie Mac’s chief economist. “The improvement in sentiment has been one of the main drivers behind the surge in equity prices and will provide a halo effect to consumer spending heading into the important holiday shopping season.”

Freddie Mac reports the following nationwide averages with mortgage rates for the week ending Nov. 7:

• 30-year fixed-rate mortgages: averaged 3.69%, with an average 0.5 point, falling from last week’s 3.78% average. Last year at this time, 30-year rates averaged 4.94%.
• 15-year fixed-rate mortgages: averaged 3.13%, with an average 0.4 point, dropping from last week’s 3.19% average. A year ago, 15-year rates averaged 4.33%.
• 5-year hybrid adjustable-rate mortgages: averaged 3.39%, with an average 0.3 point, falling from last week’s 3.43% average. A year ago, 5-year ARMs averaged 4.14%.

Good news for sellers: Home prices are on the rise. But buyers should brace for higher prices.

Nearly all—93%—of the largest metros in the U.S. saw home prices rise in the third quarter over the past year. A shortage of homes for sale, combined with higher demand, continues to push home prices higher, according to the latest quarterly report from the National Association of REALTORS®, released Thursday.

The national median existing single-family home price in the third quarter was $280,200, a 5.1% increase from a year ago.

“Incremental price increases are to be expected, but the housing market has been seeing re-acceleration in home prices as more buyers want to take on lower interest rates in the midst of insufficient supply,” says Lawrence Yun, NAR’s chief economist. “Unfortunately, income and wages are not rising as fast and will make it difficult to buy once rates rise.”

Ninety-six out of 178 metros that NAR tracked saw home price growth of 5% or higher. Ten metros saw double-digit increases in the third quarter annually, led by Montgomery, Ala. (12.6%); Spokane-Spokane Valley, Wash. (12.6%); and Salt Lake City (12%).

Yun has repeatedly called on the new-home industry to build more to meet the growing demand. He acknowledges there has been some progress. “In some markets, yes, we’re seeing construction companies ramp up plans to build more houses,” Yun says. “But in an overall comparison of 2019 and 2018, fewer homes have been built. So, hopefully home builders will expand their plans in order to better address the national inventory shortage.”

At the end of the third quarter, 1.83 million existing homes were available for sale. That is 2.7% less than the year ago. The average supply during the third quarter was 4.1 months.

While the majority of metros saw higher prices in the third quarter, a few markets did register lower prices, notably in areas long-known for high costs. Single-family median home prices moderated in the third quarter in markets such as San Jose-Sunnyvale-Santa Clara, Calif. (–4.6%); San Francisco-Oakland-Hayward, Calif. (–2.5%); and San Diego-Carlsbad, Calif. (–0.8%).

The top factors first-time buyers tended to place the most weight on when considering where to buy their starter home include:

1. Affordability of the area
2. Low crime rates
3. Proximity to workplace
4. Climate
5. Geography of the area
6. Friendly neighbors
7. Proximity to a variety of stores/shopping options
8. Move-in ready
9. Proximity to friends and family
10. Tax rates

“It’s hard to deny the emotional aspect of buying a home,” Clovered researchers note in the study. “When you’re touring potential listings and trying to decide where you want to raise your family or put down roots, you’re fantasizing about what life in that home could be like. Instead of thinking about where the house is located or how much you’ll have to pay in property taxes, it’s the tangible features of a home that really help sell it for most people.”

The most important home features first-time buyers surveyed said they were looking for:

1. Central air conditioning: 62.7%
2. Private backyard: 61.9%
3. Storage: 53.5%
4. Plenty of natural light: 50.4%
5. A separate laundry room: 40.3%
6. Hardwood floors: 39.5%
7. Walk-in closet in master bedroom: 34.8%
8. Open floor plan: 32.7%
9. Quality kitchen cabinets: 29.2%
10. Backyard deck: 26.4%