Rising homeowner insurance costs are occurring due to several interconnected factors, many of which reflect broader economic and environmental trends. Here are some key components of those rising costs. Do You Need Homeowner Insurance? If you’re thinking of becoming a homeowner, you’ve likely spent time budgeting for additional expenses – property taxes, lawn care, a big-screen TV to fill up that extra space…you get the idea. But have you factored in protection for your new home?