Affordable Housing Requires Tackling Insurance Costs

Buying a house is expensive enough these days. But the costs of owning one have been rising, too — not least because of soaring insurance premiums. As policymakers of both parties have made housing affordability a top priority in recent years, they’ve done far too little to address this crisis in the making.

The figures are striking. Average homeowners insurance premiums rose almost 25% from 2019 to 2024 in real terms. Such costs have contributed to a slump in the condo market and are one reason for rising rents. New York City landlords with rent-stabilized units reported an 18.7% increase in insurance costs in just one year.