Home insurance used to be an afterthought, but these days it’s a rapidly escalating expense that is believed to be“deepening the housing crisis,” warns the Consumer Federation of America (CFA).

A recent report from the CFA highlights a sharp increase in premiums between 2021 and 2024, when the average homeowners’ insurance rate climbed 24% to $3,303. That’s significantly higher than the average property tax rate in 2023, which was $1,889, according to the Tax Foundation.

If this pace were to continue, many homeowners could see their insurance rate double in roughly 10 years.

Unfortunately, this burgeoning insurance crisis isn’t limited to high-risk regions such as Florida, California and Louisiana. Rates are going up across the country and even homeowners in relatively “safe” states could see ballooning expenses in the near future.

Here’s a closer look at what’s driving up insurance costs for ordinary families, and what you can do to protect yourself before the crisis spirals out of control.

According to a report from JPMorgan, inflation and climate change are the driving forces behind the property insurance crisis.

Simply put, climate disasters are becoming more frequent and less predictable, as scientists have been warning for years. Meanwhile, home prices have climbed rapidly in recent years, which means it costs more to repair or replace a home after it has been damaged.

The combination of these factors has made it difficult for insurance companies to price policies appropriately and has pushed rates higher to compensate for the added risks. States like California and Florida are at the forefront of this unfortunate crisis because of their exposure to extreme weather events such as hurricanes and wildfires.

However, Midwestern states that don’t experience hurricanes and wildfires are not immune to rising rates. With damage from tornadoes, floods, hail, and high winds on the rise, property insurance costs are climbing across the board in these regions.

In fact, Insurify forecasts that the Midwest will bear some of the highest increases as insurers overhaul their pricing strategies to reflect escalating weather-related risks.