Extreme weather events—like California’s devastating wildfires and a rare snowstorm in the South—are reshaping the U.S. insurance and real estate markets, burdening homeowners with rising costs. This all contributes to rising home insurance premiums. From 2020 to 2023, those costs have increased by 33%, rising from $1,902 per year to $2,530, based on research by economists Benjamin J. Keys and Philip Mulder. “The price of reinsurance nearly doubled between 2018 and 2023, and this cost was largely passed on to homeowners,” Mulder tells Realtor.com®. “This sharp increase, which outpaced overall inflation, highlights the growing impact of climate-related risks on insurance costs for homeowners across the country.” 💡Read to see how home insurance has surged across the U.S: https://rltor.cm/5iinbc