WASHINGTON, DC – New reporting from Realtor.com shows that home insurance costs could surge another 16% by 2027, adding to the financial strain on families nationwide already crushed by skyrocketing premiums. Average homeowners insurance costs have risen nearly 70% over the past five years, and families from coast to coast are being forced to make impossible choices between protecting their homes and paying for basic necessities like groceries and health care.
“With families already struggling as costs rise across the board, another 16% price hike in homeowners insurance would be the straw that breaks the camel’s back for millions drowning in premium hikes,” said Kyle Herrig, spokesperson for Unlocking America’s Future. “Insurance costs are bleeding American homeowners dry, pushing them to the breaking point where they’re forced to drop coverage entirely and pray nothing goes wrong. This system is broken and families are paying the price.”
Behind these soaring costs, a new report from Unlocking America’s Future exposes how in Florida, insurance companies are abandoning American families, jacking up prices, denying legitimate claims, and posting record profits while executives pocket tens of millions in compensation. Florida homeowners now pay the highest insurance rates in the nation – premiums have skyrocketed 54% since 2019 – and up to 20% are going without coverage entirely because they simply cannot afford it. Yet while Florida families struggle, insurance industry profits hit an all-time high of nearly $167 billion in 2024.
The report also details how recent so-called tort reform has made it harder for homeowners to dispute denied or underpaid claims, and how insurance companies are abusing the legal system and exploiting regulatory loopholes to maximize profits. Private insurers have walked away from hundreds of thousands of policyholders in disaster-prone areas, leaving families with no options except expensive last-resort coverage or going without protection entirely.
See coverage below:
Insurance News Net: Florida homeowners continue to face insurance affordability crisis, report says
A report finds that the “rebuilding” of Florida’s property insurance market after Hurricane Ian struck the state in 2022 has reproduced many of the same conditions that left homeowners exposed in the last crisis.
“Florida families are paying more than ever for property insurance,” said Kyle Herrig, spokesperson for Unlocking America’s Future, during a recent news conference. “Premiums are up 54% since 2019 – the highest in the nation. Florida insurers are posting record profits and multimillion-dollar executive payouts.
“Upward of 20% of all Florida homeowners are now going without insurance. Reforms passed by Gov. Ron DeSantis enabled unchecked legal system abuse by insurance companies, where they delay, deny and defend against policyholders’ legitimate claims. Florida’s insurance recovery is less a comeback and more a packaging of failure. The system remains dangerously vulnerable to another wave of insurer collapses, leaving families to foot the bill.”
Realtor.com: Homeowners Insurance Could Surge Another 16% by 2027
Owning a home is about to get more expensive, with homeowners insurance premiums expected to surge significantly over the next two years.
“The average U.S. homeowner insurance premiums are expected to grow 8% in 2026 and another 8% in 2027,” Anand Srinivasan, CFA, head of research and development at real estate analytics firm Cotality, tells Realtor.com®.
An unexpected increase in the cost of homeowners insurance can catch existing homeowners off guard and can also discourage potential buyers who are trying to estimate their monthly housing expenses,” says Hannah Jones, senior economic research analyst at Realtor.com.
“In both cases, climbing insurance costs can contribute to weaker buyer demand and more fragile housing stability in already vulnerable markets.”
