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According to a new survey by to insureHome insurance rates have increased significantly in the last year. When asked, 59% of homeowners see their insurance premiums increasing in 2025.
As a result, most homeowners said they have made some kind of financial compromise to absorb the increase in costs. According to Insurify, here are five sacrifices people have made to afford home insurance.
Also see the five states with the steepest home insurance costs.
1. Cut down on unnecessary items
When surveyed, 30% of homeowners said they had cut back on non-essentials to afford the increased cost of insurance. These concessions include not eating out much or undertaking unnecessary travel. Although some costs can be reduced, home insurance is generally not negotiable. Most lenders require homeowner’s insurance to protect the property. Unfortunately, these premiums can add thousands of dollars to housing costs every year.
According to Insurify, insurance costs are skyrocketing in some states with the “highest weather risk.” For example, Florida homeowners pay an average of $8,500 per year for insurance. In California, state regulators were forced to step in when insurers canceled thousands of policies in areas affected by wildfires, leading to steep pricing increases. CBS News.
2. Delay in home repairs
Another sacrifice made by homeowners in an effort to offset the rising costs of home insurance was delaying home repairs. According to the survey, 22% of homeowners said they delayed home maintenance or repairs to afford the increase in insurance premiums. The number of people struggling to afford insurance was even higher. 37% of homeowners surveyed said they were having difficulty paying for insurance, indicating they delayed home repairs in an effort to afford the increase.
Today, nearly half (49%) of all homeowners take the cost of insurance into account when deciding where to move, as reported realtor.com. Extreme weather events, which have affected some states in recent years, have been a contributing factor to the increase in insurance premiums, causing homeowners to look elsewhere.
3. Taking a loan
When asked, 15% of homeowners said they had taken out a loan in an effort to offset higher insurance costs. When accounted for by homeowners struggling to afford insurance, that number increased to one-quarter.
While many people have gone into debt to deal with the rising costs of insurance, 28% of homeowners said they would forego protection altogether if possible.
4. Borrowed from friends and family
Another financial sacrifice people are making to afford home insurance is borrowing from friends and family. According to the survey, 12% of homeowners have done so. They are also considering more drastic measures to achieve lower premiums, with almost 1 in 3 saying they would allow an insurer to install and monitor cameras in their home at a 50% discount.
5. Skipped meals
Surprisingly 1 in 10 people said they skipped meals to deal with higher insurance premiums. People also sold personal belongings, stopped spending as much on essential goods, and forgoed medical care or treatment to afford these increased costs.