Retire Right: Rising home insurance costs…Is your retirement plan ready? ...Saudi Arabia

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I recently came across some data that stopped me in my tracks.

Homeowners insurance premiums are up about 28% after inflation, with the biggest increases happening in areas facing wildfire (like Colorado and California) and hurricane risk (like Florida).

Now here’s the interesting part…

Many of those same states are some of the most popular retirement markets in the country. Florida. Arizona. Colorado. The Carolinas. Parts of California. Warm weather. Beautiful views. Golf courses everywhere. And now? Higher insurance bills.

For retirees living on fixed incomes, that kind of increase isn’t just annoying, it can change the math of retirement.

The hidden retirement expense

When people plan for retirement, they usually think about:

But rising property taxes and homeowners’ insurance are not typically planned and often sneak up on us quietly. Unlike your mortgage payment (which might be gone in retirement), insurance and taxes never retire. And when premiums jump nearly 30%, that can put pressure on monthly cash flow, especially for homeowners who planned carefully but didn’t expect such sharp increases.

The “house rich, cash flow tight” problem

In my book Retirement Mortgage Playbook , I talk about how many retirees are sitting on substantial home equity but struggling with monthly cash flow. Their home might be worth $600,000… $800,000… even more. But equity doesn’t pay the insurance bill. You can’t tear off a corner of your roof to cover your premium increase. That’s where strategy matters.

Could home equity be part of the solution?

A reverse mortgage (what I often call a retirement mortgage) allows homeowners age 55+ to convert part of their home equity into usable funds without required monthly mortgage payments of principal and interest.

You still own the home.You stay on title.You must continue paying taxes, insurance, and maintaining the property.

But instead of your home just sitting there as an illiquid “paper asset,” it can provide:

One of my favorite features is the growing line of credit option. Think of it like putting a spigot on the side of your house. You only turn it on when you need it. When insurance premiums jump unexpectedly, or property taxes go up significantly, that flexibility can make a big difference.

Why this matters in high-risk states…like Colorado

Areas facing wildfire or hurricane risk are seeing some of the largest insurance increases.

And many retirees moved to those states for lifestyle reasons:

But affordability isn’t just about home price. It’s about the total cost of staying in the home long-term. If insurance continues to climb, some retirees may need to rethink their retirement plan:

Planning ahead is almost always easier than reacting under pressure.

A word to real estate agents

For agents working with retirees, this trend is important. Insurance costs could:

This isn’t about “selling a house.”  It’s about understanding all available tools so you can better serve your clients when rising costs affect their retirement plans. Knowledge creates confidence, for you and for them.

It’s not about panic. It’s about preparation

Let me be very clear: A reverse mortgage is not right for everyone.

It requires a financial assessment and HUD-approved counseling. There are costs and responsibilities to understand. But rising insurance premiums are a reminder of something important: Retirement planning isn’t static. Expenses change. Markets change. Life changes. Your strategy may need to change too.

Home equity is one of the largest and often most underutilized assets in retirement. Using home equity strategically can help improve cash flow, reduce stress, and provide flexibility when costs rise unexpectedly.

Let’s run the numbers together

If you’re 55+ and own your home, or if you’re a real estate professional serving retirees, let’s have a conversation. We’ll look at:

No pressure. Just education. Because retirement should feel secure, even when insurance premiums rise. It is time to live for today and plan for tomorrow.

Gabe Bodner is a retirement mortgage planner and licensed mortgage originator in multiple states. Gabe utilizes the latest research from the top researchers to assist his clients in living for today and planning for tomorrow. To reach Gabe, call 720.600.4870, e-mail [email protected] or visit reversemortgagesco.com.

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