Property Insurance Could Become THE Issue of the 2026 Midterm

Property insurance prices are about to become a political flashpoint in the 2026 midterms. The average US homeowner paid $2,948 a year for coverage in 2025, a 12% jump from the year before. Zoom out further and premiums have risen 46% since 2021. Severe convective storms racked up an estimated $50 billion in insured US losses in 2025, the third costliest year on record for that peril. The January 2025 Los Angeles wildfires cost roughly $40 billion insured, the costliest wildfire event on record. The US accounted for 83% of the world’s $107 billion in insured catastrophe losses last year. These rising rates are amplified in certain areas. Oklahoma, Colorado, Iowa, Illinois and Minnesota logged the sharpest 2025 rate hikes..