Your Home Insurance Became Your Second Mortgage Payment

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► The average homeowners insurance premium hit `$3,057` per year in 2026. That is up `46%` since 2021, according to Insurify. In Florida it is approaching `$8,500`. That is more than double the national average.

► Insurance now accounts for `9%` of the typical monthly mortgage payment, the highest share ever recorded, according to Matic. Five years ago it was closer to `6%`.

► The S&P 500 closed Thursday at `7,394`, up `1.75%` on Iran deal hopes. SpaceX began trading Friday at a `$1.77` trillion valuation. The 10-year yield held near `4.55%`. The VIX eased to `19.24`.

► Insured losses from severe storms topped `$42` billion for three straight years, according to Munich Re. That is well above the 10-year average and the main reason your bill went up.

► Here is the buried story. A record `11.4%` of homeowners switched insurance carriers in 2024, according to ICE Mortgage Monitor. Others raised deductibles to afford coverage. That is not saving money. That is transferring risk from the insurer to you.

Five years ago the average homeowner paid about `$2,100` a year for insurance. Today it is `$3,057`. That is an extra `$80` a month you did not budget for.

Now add property taxes. Reassessments in 2026 compressed pandemic-era gains into one bill. Colorado homeowners saw increases of `20%` to `40%`. North Carolina assessments jumped `50%` to `70%` above 2021 levels. Maintenance costs are up too. Roofs, HVAC systems, and water heaters all cost more to replace than three years ago.

Sound familiar? Say you paid off your mortgage and thought you were done. Insurance `$3,057`. Property taxes `$4,000` to `$6,000`. Maintenance `$3,000` to `$5,000`. That is `$10,000` to `$14,000` a year. Your “paid-off” house still sends you a bill every month.

I think most people blame their insurer. My neighbor did. The real story is structural.

Insurance companies buy insurance too. It is called reinsurance. When reinsurers raise prices, your local carrier passes the cost to you. Severe storms are the driver. Tornadoes, hail, and straight-line winds. Not hurricanes. Tuesday-afternoon thunderstorms across the middle of the country.

Then add rebuilding costs. A house that cost `$180,000` to rebuild in 2020 might cost `$230,000` today. Your insurer recalculated your replacement cost. Your premium followed.

Here is what concerns me most. Your home value went up on paper. Great for your net worth. But insurance, taxes, and maintenance all repriced to match. The gain is on the balance sheet. The cost is in your checking account.

Pull up your homeowners insurance declaration page. Check your renewal date. Call your carrier `30` days before and ask for a competitive review. Then get two quotes from independent agents. The `11.4%` who switched last year found better rates.

If the premium still comes back higher, ask about raising your deductible from `$1,000` to `$2,500`. That saves most homeowners `15%` to `20%`. Only do it if you have the cash to cover it.

I drove past my neighbor’s house this morning. Same lawn. Same shutters. Same mailbox. The only thing that changed was the number on his bill. The house did not get more expensive. Owning it did.