Feb 3, 2026
Slake Counts has made a frightening decision. After the price of his homeowners insurance skyrocketed, the Tampa, Florida, resident has chosen not to renew his policy.
Now, he’s pondering his future, which may include selling his home and leaving the state.
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“There may be other options for me at this time in my life that don’t necessitate me continuing to live in Florida or Tampa,” Counts told Tampa Bay 28 in a story published Jan. 19 (1). “I’m not the only one in this boat.”
He might be right. According to Bankrate, Florida is the third-most expensive state for homeowners insurance in the U.S. (2). Premiums in the Sunshine State average out to $5,838 per year ($486 per month) for a $300,000 home, while the national average is $2,424 ($202 per month), as of November. Counts showed Tampa Bay 28 the amount of his 2026 renewal increased to $14,523.
Factors that have made home insurance increasingly unaffordable for many Americans include higher home prices, the cost of building materials and the impacts of climate change — especially in disaster-prone areas like Florida.
It’s no wonder that some insurers are pulling out of certain areas, and why some consumers are taking the risk of forgoing coverage. But experts emphasize the risks to those who “go bare” can outweigh the benefits.
Americans who are 'going bare'
Nearly one in seven (13.4%) homeowners across the country don’t have homeowners insurance or are underinsured, according to an NBC News analysis of Census Bureau data published in 2024 (3).
The share of homeowners without adequate protection is highest in the South at 15.7%. Many here are in a bind — they’re less able to afford insurance and withstand extreme weather events while more likely to experience them.
“Not having insurance at all is just the worst-case scenario, especially if you still have a mortgage,” Shannon Martin, an insurance expert at Bankrate, told NBC News. “If you’re someone who can’t afford to pay your policy, you’re not someone who can afford to assume more risk. It’s a double-edged sword.”
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Experts acknowledge the squeeze U.S. homeowners are feeling, but insist insurance is worth the cost against self-coverage.
“If your home is worth more, it costs more to insure, and also your home is more at risk, so you stand to lose more if you go without insurance,” Hannah Jones, economic data analyst for Realtor.com, told CBS MoneyWatch (4). “We don’t recommend going without insurance because it leaves you extremely exposed in case you do suffer property damage or a complete loss of property.”
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Other options for homeowners
Going bare is typically considered a last resort. If you let your coverage lapse, it can be difficult to get insured again, at least in places like Florida, insurance agent Jake Holehouse told Tampa Bay 28, as carriers want to discourage homeowners from only having insurance during hurricane season. Here are some options he suggests homeowners consider first, plus a few more.
One of those options, he says, is to drop your wind and hurricane coverage while still protecting yourself from other incidents like fires and break-ins, or go further and get liability coverage only to protect against slips and falls from visitors. Another option is to make home improvements that will lower your premiums, such as upgrading your roof and installing hurricane clips and shutters.
Shopping around for insurance can yield better rates. You might also qualify for discounts if you bundle your home coverage with other coverages like auto insurance. You could also consider tweaking your policy, which may include being selective about coverage and increasing the deductible.
Although an expensive prospect itself, if you live in a disaster-prone area, you may want to explore moving to another region or state with better average premiums. If you live in Florida, you may not need to go far, either. The average annual premium in neighboring Georgia is only $2,041, according to Bankrate, which is below the national average.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Tampa Bay 28 (1); Bankrate (2); NBC News (3); CBS News (4)
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Vawn Himmelsbach is a veteran journalist who has been covering tech, business, finance and travel for the past three decades. Her work has been featured in publications such as The Globe and Mail, Toronto Star, National Post, Metro News, Canadian Geographic, Zoomer, CAA Magazine, Travelweek, Explore Magazine, Flare and Consumer Reports, to name a few.
