42% of homeowners say insurance costs have gone up 'a lot,' survey finds. Here's why

A construction worker works at a new house being built in Alhambra, California, on March 19, 2026. Frederic J. Brown | Afp | Homeowners insurance costs have been rising fast in the U.S. — and policyholders are taking notice. About 71% of homeowners said the cost of their homeowners insurance has increased over the past few years, with 42% saying costs have gone up "a lot," according to a new survey by the Pew Research Center. The nonpartisan research group polled 3,524 U.S. adults, including 1,236 homeowners, from March 16 to 22. The data backs up that perception. Insurance premiums jumped by $648, or 24%, to $3,303 per year between 2021 and 2024, on average, according to a report published last year by the Consumer Federation of America, a consumer advocacy group. Average premiums per policy increased 8.7% faster than the rate of inflation from 2018 to 2022, the U.S. Treasury Department said in a report published last year, which the agency billed as the most comprehensive analysis to date of the homeowners insurance market. Consumers generally buy homeowners insurance as a form of financial protection against unexpected physical damage to their house. Mortgage lenders also often require prospective homebuyers to buy such an insurance policy to secure a loan. Insurance experts point to a number of factors underpinning the run-up in premiums. To name a few: General inflationary pressures in the U.S. economy have increased the cost of rebuilding homes. …