The No. 1 housing affordability issue in the U.S. will be in Florida, with significant problems.

Over the past few years, if you've been searching for a house, you've probably been monitoring interest rates. It's wise to do so because a slight change in your mortgage rate can significantly impact your buying power by tens of thousands of dollars.

Mark Cuban suggests that homeowners and potential buyers should consider another factor in the future.

"The billionaire entrepreneur and investor recently posted on Bluesky that home insurance in areas hit by repetitive disasters will be the biggest housing affordability issue over the next 4 years, possibly even going into the midterms. Florida, in particular, will face huge problems."

Shannon Martin, an insurance analyst at Bankrate, believes that it's safe to say that the statement is accurate, although insurance experts may have differing opinions.

Home insurance costs on the rise

Although it is legal to own a home without a homeowners policy, financial institutions, such as mortgage lenders, usually require coverage. This typically includes protection against damage to your dwelling, related structures, personal property, and liability in case of injury or property damage at your house.

According to Bankrate, the average yearly cost for a policy with $300,000 in dwelling coverage is $2,304. This is a 17% increase from January 2022. Several individual factors can increase the cost of insurance, including the presence of a trampoline or pool, which can increase the likelihood of injury at your home.

The average cost of dwelling coverage for hurricane-prone Florida residents is $5,527 per year, which is second only to windy Nebraska, according to Bankrate.

Experts predict that the cost of living in disaster-prone areas will continue to rise, according to Martin, who notes that insurance companies are becoming more adept at assessing the risks associated with extreme weather.

""Insurance companies are increasingly using technology and AI to predict and prevent risks instead of reacting to them, and they are becoming better at identifying high-risk homes," she explains."

Homeowners in disaster-prone areas may see rates increase drastically, according to Martin.

If the upcoming Presidential administration implements policies such as tariffs on foreign materials, building costs are predicted to increase, which will negatively impact policyholders who are responsible for covering the cost of rebuilding a damaged home.

"According to Leslie Kasperowicz, managing editor and insurance expert for Insurance.com, houses are more expensive to build, buy, and insure due to their higher cost. Additionally, a high-risk location can exacerbate the situation, leading to a crisis."

What to do to combat rising home insurance costs

Rising homeowners premiums could make it difficult for families to afford homes they might otherwise be able to buy, especially if climate disasters increase the number of homes at risk. In Florida, for example, the typical annual cost is over $2,000 more than the national average.

Here's what experts say you can do to keep costs down.

If you already own a home

Taking measures to protect your home against weather damage can drive down your insurance costs if you're staying put.

"Reducing the risk of damage in your home through changes and upgrades can significantly lower insurance rates, as seen in Florida and California where wind and wildfire mitigation efforts are required for discounts. A new roof is always an effective way to reduce rates, regardless of location."

If you want to live in a high-risk area, it's wise to prioritize home improvement projects.

Martin advises the average homeowner who feels drained and financially depleted to recognize that extreme weather occurs consistently, and it requires a continuous plan.

If you're considering painting or adding new carpet this year, it may be more beneficial to upgrade your storm shutters or remove a damaged tree from your property.

If you're shopping for homes

Experts advise factoring in home insurance costs early in your search.

"Examine average rates in the areas you're interested in to get a general comparison. Although this won't provide specific costs, it will give you an idea of how different areas stack up at a high level," advises Kasperowicz. "Living a bit farther from the source of the risk can have a significant impact, particularly when it comes to coastal areas."

Martin advises utilizing online resources, including those offered by the First Street Foundation, to assess the potential future climate change risks associated with a specific location before purchasing a home. She emphasizes the importance of being able to make an informed decision about the financial and physical safety of a property before committing to it.

After selecting a specific area, consult with a local real estate agent to obtain information on monthly insurance costs.

"It's recommended to obtain quotes prior to progressing too far in the purchasing process, as stated by Kasperowicz, to avoid being close to closing and discovering that the insurance is unattainable."

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