Hail, along with straight-line winds and tornadoes, are the severe convective storm activity which caused insured loss in 2023 on par with a single major hurricane, the firm found. The costs are amplified by construction material and labor expenses which have grown 38.5% since 2018.

"Multiple factors, such as interacting climate and weather patterns, inflation and migration all have an impact on the unprecedented amount of insured loss caused by severe convective storms in 2023, and it's an important trend to pay attention to," said Jon Schneyer, catastrophe response director at CoreLogic, in a press release. 

That assessment comes as residential insurance premiums are skyrocketing, dampening some origination activity in coastal communities. Insurance companies have left California and Florida markets over the rising frequency of natural disasters and the climbing costs to clean up. Another factor is "social inflation" in states like Florida where rampant insurance lawsuits have driven claims up, CoreLogic Chief Actuary Howard Kunst added in emailed comments. 

No matter the cause of rising premiums, homeowners are paying steep prices, and experts say mortgage applicants have dropped their housing bids once they've realized higher insurance costs. The average nationwide premium was around $1,700 last year, according to the Insurance Information Institute. Floridians meanwhile pay on average $6,000 for coverage. 

In severe convective storm activity, more than 10 million homes last year were hit with 1 inch or more of hail between last March and November, according to CoreLogic. The firm said it recorded 141 days last year with hail of 2 inches or greater, the highest figure in 20 years.