Homeowner insurance premiums are expected to increase by 8% in 2026 and another 8% in 2027 according to estimates from Cotality. Insurance now accounts for 9% of the typical monthly housing payment, the highest share on record. In New York, costs have been rising faster than the national average. For apartment buildings with at least 50 units, average insurance premiums more than doubled in Brooklyn and rose by over 50% in Manhattan and Queens between 2020 and 2023. Three factors are driving the increases: rebuilding costs up 33% since 2020, tariffs pushing material costs up 10% year over year, and carriers exiting high-risk markets entirely.
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