Homeowners insurance premiums have hit record highs, with the average single-family homeowner paying almost $2,370 a year, up 70% in the last 5.5 years. Insurance costs are outpacing home prices, mortgage rates, and property taxes, causing concern for 75% of homebuyers who fear they may be unable to afford insurance in the future.

Premiums have increased 4.9% in the first half of this year and 11.3% from a year ago, with costs rising the fastest in California and parts of North and South Carolina due to natural disasters. Climate change has intensified disasters, pushing insurance companies to raise premiums as repair costs and materials prices rise.

Homeowners in various parts of the country are facing spiking insurance premiums, including states like Louisiana, Florida, and Texas with long-standing high rates due to hurricane risk. Even areas far from the coasts are seeing increases, putting a strain on first-time and lower-income buyers who are already close to maximum debt-to-income ratios.

As insurance costs continue to rise, some homeowners are struggling to keep up. Shopping around for new insurers, bundling policies, and accepting higher deductibles are ways to lower premiums, but some are opting to forego insurance altogether. For many, insurance is a requirement tied to their mortgage, prompting tough decisions about affordability and risk management.

Read more at Yahoo Finance: Homeowners insurance costs just hit a new high. It’s scaring off some buyers.