Homeowners across New York are facing mounting insurance costs, and many believe insurance companies themselves are partly to blame, according to new research released Wednesday by Pew Research Center.
The survey found that 71% of U.S. homeowners say their insurance premiums have increased in recent years, including 42% who said costs have gone up “a lot.” The findings come as New Yorkers continue grappling with rising housing costs, property taxes, utility bills and inflation-driven repair expenses.
Among homeowners who reported higher premiums, 65% said insurance companies wanting to make more money was a major reason behind the increases. Another 61% pointed to rising rebuilding and repair costs.
The findings reflect broader affordability concerns taking shape across New York, where higher labor costs, rising material prices and severe weather events have increasingly complicated the insurance landscape.
While insurers nationwide have warned that stronger storms and climate-related risks are contributing to higher premiums, homeowners were more divided on that explanation. Less than half of respondents said extreme weather was a major reason behind rising insurance costs.
Political differences also emerged in the survey.
Democrats were far more likely than Republicans to say extreme weather events were driving premium increases, while Republicans were more likely to blame government regulations. Both parties, however, largely agreed that insurer profits and rebuilding costs were major factors.
The survey also found lower-income homeowners were significantly more likely to go without homeowners insurance altogether. Nearly one in five lower-income homeowners reported carrying no coverage.
The findings arrive as affordability concerns continue reshaping conversations around homeownership in New York and nationally. Rising insurance costs have become an increasingly important piece of the broader cost-of-living picture, particularly for homeowners already facing elevated mortgage payments, taxes and utility expenses.
Pew’s survey was conducted March 16-22 among 3,524 adults nationwide.
The report underscores growing public skepticism toward whether rising costs are being driven entirely by economic conditions or whether corporations are using inflation and market pressures to justify larger price increases.
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