Across America, rising homeowners insurance costs are forcing some people who own their homes to forego coverage, tightening budgets for homeowners whose mortgages require coverage and preventing prospective buyers from purchasing homes. Climate change-driven severe weather is an exacerbating factor, increasing the cost of claims and driving up premiums.

Clear, reliable information about rising insurance costs – the size of premium increases, where problems are most severe, and what types of housing are hardest hit – are difficult to find. As a result, homeowners lack critical data on deciding where to live and how to protect their homes and finances, such as by investing in weatherproofing. This missing data also stymies researchers and public officials seeking solutions because assessing financial risks related to homeowners insurance is crucial for addressing them.

State insurance regulators can help close the information gap by unveiling complete, transparent data. The National Association of Insurance Commissioners (NAIC) just held its summer national meeting in Minneapolis. NAIC – made up of insurance regulators from all 50 states, the District of Columbia and five U.S. territories – serves as the industry’s standard-setting body. It has the staff, resources and expertise to collect and publish data on rising homeowners insurance premiums and to inform consumers about climate-related risks. Data enables preparation for and limits exposure to those threats.

In 2024, the NAIC collected data from each state about the homeowners insurance crisis. However, seven states refused to participate. (Minnesota participated and, separately, has approved a budget requiring a study of the state’s homeowners insurance costs). Others withheld important information from data collectors. Even incomplete information may be useful to the public, but the NAIC did not publish the data it collected and shared only a portion of it with the Federal Insurance Office, which published its own analysis. That analysis found average insurance premiums per policy rose 8.7% faster than inflation nationwide from 2018 to 2022 – and homeowners in areas hit by severe weather paid far higher rates. While the NAIC is again requesting data this year, there’s no guarantee this effort will be more comprehensive or transparent than last year’s.

So what should the NAIC do? First, to effectively monitor growing risks nationwide – including severe weather caused by climate change – NAIC should pressure its members to fully disclose their jurisdictions’ annual homeowners insurance cost data. The Consumer Federation of America’s recent report on insurance found that from 2021 to 2024, homeowners premiums climbed in 95% of ZIP codes — making this a national problem. In Minnesota, premiums rose over that timeframe by 32% to an average of $3,523, the ninth-largest increase in the country adjusted for the amount of coverage provided.

Second, the NAIC should gather information on all kinds of homeowners insurance to provide a more complete picture of risks for policyholders and potential policyholders. Last year, the insurance regulators primarily gathered information on insurance costs for owner-occupied homes with up to four units. They should also include and publish information on rising insurance costs for condominiums, cooperatives and affordable housing providers – many of whom are finding it difficult or even impossible to get coverage. NAIC should also spotlight insurance costs for manufactured and mobile homes, which also face exposure to climate-related risks.

A recent Federal Reserve Bank of Minneapolis study found rising property insurance costs are a growing concern for owners of multifamily rental housing. NAIC should also examine impacts on renters, who often purchase renters insurance and are no less vulnerable to natural disasters. The data collectors should further look at residual markets – state-backed programs that provide last-resort insurance coverage.

Third, the data the NAIC collects should be accessible to everyone. To develop better models that fully account for climate, hazard, and economic risks, we need high-quality, publicly available data. With better data, consumers, insurers and governments at all levels could better understand these risks – and take timely, targeted action, such as developing plans and strategies to mitigate the impacts of extreme weather well in advance.

State regulators face a critical test: Will they meet the moment by launching an annual, nationwide program to collect and publish insurance data? Consumers can’t afford to wait, as risks and costs continue to climb.

Michael DeLong is a Research and Advocacy Associate with the Consumer Federation of America and a Consumer Representative with the National Association of Insurance Commissioners. Mike Litt is the Consumer Campaign Director at U.S. PIRG Education Fund.