Home insurance just passed property taxes for most homeowners

Mortgage rates, home prices, inventory. Those get all the attention. But there's a quieter cost that's been chipping away at homeowners for years, and a new analysis just put a number on how far it's gone.

Home insurance premiums now exceed property taxes in two-thirds of US counties, according to a Bloomberg analysis published October 20, 2026. That's not a regional quirk. That's a nationwide shift that's reshaping what it actually costs to own a home.

A 2026 survey from HousingWire found that 63.2% of homeowners say they're stressed by the combined weight of rising property taxes, insurance, and upkeep costs. And the five-year trend explains why: homeowners insurance premiums are up 54%, maintenance costs are up 32%, and property taxes have risen 19% since 2021, according to data reported by The Independent.

Those costs stack on top of a mortgage. And for millions of people who locked in their homes years ago at lower rates and thought they'd figured out their monthly budget, this is the part that keeps moving on them.

How insurance got here

For most of the last century, property taxes were the biggest recurring ownership cost outside of the mortgage. That changed over the last decade.

Insurers have been responding to years of escalating climate-related claims. Wildfires in the West, flooding in the Southeast, severe storms across the Midwest. The result: premiums have climbed 37% nationwide over the last decade, according to Federal Reserve data cited by Kiplinger. In some markets, they've effectively doubled.

When you factor in vehicle insurance for weather-related events alongside home coverage, the combined insurance cost now exceeds property taxes in 75% of US counties nationwide, Bloomberg reports.

Some insurers have pulled out of entire states. Others have raised deductibles, tightened coverage terms, or shifted what they define as a covered loss. Homeowners in coastal, wildfire-prone, and flood-zone markets have felt this most sharply. But landlocked, lower-risk markets are also seeing steady premium increases year over year.

It's not just insurance

Insurance is the headline, but it's one piece of a bigger picture.

Maintenance and upkeep costs are up 32% over five years. That's driven by labor shortages in skilled trades, higher material costs, and homes that are simply getting older. Deferred repairs compound quietly. A roof that needed attention in 2022 can turn into a structural issue by 2026 if it keeps getting pushed off the to-do list.

Property taxes have also risen 19% over the same period. In markets where home values appreciated sharply during 2021 and 2022, local assessors eventually caught up. Even homeowners who didn't move, didn't refinance, and thought nothing had changed found their annual tax bills reflecting that peak-era valuation.

The 30-year fixed rate is currently sitting at 7.41%, according to HousingWire. That means buyers entering the market right now are facing the mortgage payment AND the elevated carrying costs. It's a full cost-of-ownership calculation that a lot of people weren't running a few years ago.

What this means if you're selling

Buyers are running the numbers differently now. They're not just pricing in the mortgage payment. They're thinking about insurance costs, tax assessments, HOA fees, and what deferred maintenance is going to cost them after closing.

That means homes with visible maintenance issues, or homes in higher-risk zip codes, are getting harder scrutiny during due diligence. Buyers who've been burned by escalating carrying costs aren't skipping the fine print anymore.

Getting ahead of deferred maintenance before listing isn't just about curb appeal. It's about helping buyers see a property that won't trigger higher insurance premiums or complicated coverage conversations. That's a real selling advantage right now.

What this means if you're buying

The purchase price is just the starting line. Before making an offer, it's worth running a real cost-of-ownership calculation: estimated mortgage payment, annual property taxes (and whether they're likely to change post-sale), expected insurance cost for that specific home and zip code, and a realistic maintenance reserve.

For insurance specifically, talk to an independent broker before you go under contract. In some markets, certain homes are genuinely difficult to insure at a reasonable cost. Knowing that before you're in escrow saves a significant amount of stress.

What this means if you're staying put

Rising costs don't have to feel passive. There are concrete moves available to homeowners who want to push back.

On the insurance side, most homeowners are paying more than necessary because they haven't shopped their policy in a few years. Rates vary widely across providers for the same home. Getting two or three competing quotes can surface meaningful savings without changing coverage.

On property taxes, most counties allow homeowners to appeal their assessment. The process takes paperwork and patience, but homeowners who go through it regularly get reductions. If your home was assessed at 2021 or 2022 peak values and the market has since shifted, your current bill may not reflect what your home would actually sell for today.

What to do next

• Pull your homeowners insurance declarations page and compare your annual premium against what comparable properties in your area are paying. If you haven't shopped it in more than two years, get at least two new quotes before your renewal date.
• Check your property's assessed value against recent comparable sales in your neighborhood. Most counties have a formal appeal window each year. If your assessment is based on 2021 or 2022 peak pricing and the market has cooled, an appeal is worth the effort.
• Schedule a maintenance walkthrough with a licensed home inspector, even if you're not planning to sell. Catching small issues early keeps costs predictable. Roof condition, HVAC age, plumbing, and electrical panels are the categories insurers flag most often when setting rates.
• If you're buying in a high-risk area (coastal, flood zone, wildfire proximity), contact an independent insurance broker before making an offer. Get an actual quote for that specific address, not a general estimate.

The gap between what it costs to buy a home and what it costs to stay in one has been widening for years. The Bloomberg data from this week makes it harder to ignore. But homeowners who run the numbers and take a few targeted steps have real leverage. You can control more of this than it might feel like right now.

Your Home Report tracks your property's value in real time, so you always know where you stand. Use it to stay ahead of assessments, equity shifts, and the costs that come with owning a home.