US homeowners face rising insurance premiums and market instability

A survey of 520 homeowners conducted by SoFi on April 13, 2026, reveals significant financial pressure caused by rising homeowners insurance costs and market disruptions. While 49% of respondents reported stable premiums and no policy cancellations over the last three years, nearly 39% of homeowners nationwide experienced a premium increase of more than 20% during a single renewal period.

Insurance market instability is being driven by carrier withdrawals from states prone to wildfires and hurricanes. Although hurricanes and severe windstorms are identified as the primary perceived threats to property, more than half of the surveyed homeowners did not invest in any damage-mitigating modifications in the past year.

Overall, household insurance costs rose 6.9% over a recent 12-month period. In response, 48% of owners are considering cost-management strategies such as raising deductibles or switching to lower-tier policies. Experts note that dropping coverage entirely can lead to lender-imposed force-placed insurance, which is typically more expensive and offers less protection than standard policies.