It's hurricane season. Good luck getting affordable homeowners' insurance

June 1 marks the start of hurricane season in the Atlantic Ocean. Meteorologists predict an “extremely active” season with the potential for seven major hurricanes. As insurance companies struggle with elevated inflation and the growing frequency of catastrophic storms, homeowners are finding it harder to secure affordable insurance options. Rates increased nationally by 11.3% last year. States not traditionally at risk for hurricanes, such as Arizona, Illinois, and Utah, experienced larger increases than the national average. The homeowners insurance industry had a challenging year in 2023, with net losses reaching $101.29 billion and only two of the top 20 companies turning a profit. Rising inflation also contributes to higher repair costs for insurers. Policyholders face rate increases or loss of coverage, particularly in states like Florida and California. While not mandated by law, most lenders require property insurance for mortgage holders. State-backed insurance companies have grown in popularity as some homeowners lose options. Shopping around and raising deductibles can help lower insurance costs. Investing in home strengthening measures can mitigate potential damage and lower future insurance expenses.