INDIANAPOLIS (CONSUMER REPORTS) — Homeowners nationwide are facing a crisis: skyrocketing insurance premiums or outright policy non-renewals, even in areas traditionally considered low risk. Consumer Reports explains why this happens and what to do if your homeowner’s premium goes through the roof.

A recent Consumer Reports survey found that 83% of long-term policyholders have seen their rates increase over the last five years. When this happens, homeowners may be forced to make trade-offs like buying substantially reduced coverage or sometimes going without coverage.

Insurance industry experts point to several factors driving these changes. Building costs are through the roof—up 40% over the last four years.

Mother Nature isn’t helping either. Last year alone, weather disasters cost insurance companies $93 billion dollars. There’s no place to hide. You will still feel this in your wallet even if you live somewhere that never sees a hurricane or a wildfire. Rates have risen nearly 34% for consumers across the U.S. from 2018 to 2023.

So, what can you do if your insurance is canceled? First, contact your insurer or broker to find out why your policy isn’t being renewed. At the same time, start shopping around for a new policy. Consider using a local, independent insurance agent or broker who works with multiple insurers; they might know about smaller companies in your state or area.

If you can’t find a private plan, there are Fair Access to Insurance Requirements (FAIR) plans, which are offered in nearly three dozen states. This type of plan should be considered a last resort. It’s not inexpensive, and it doesn’t cover everything, but it’s way better than having no insurance.

Another tip: immediately call your insurance company and ask for more time if you get a cancellation notice. While they’re not required to give you an extension, as a courtesy, they might provide an extra 30 or even 60 days if you ask.