It’s not all supply and demand.

The droves of people moving to Florida from other states may slow down a bit, and rising interest rates could turn the real estate market a lighter shade of red hot — but the mad grab for sunbaked homes isn’t the only reason renters are seeing astronomical price hikes.

Florida’s home insurance industry is in undeniable crisis, with the government-run “insurer of last resort” taking on record numbers of policies as private companies flee the state.

As a result, policy cancellation letters have piled up, and homeowners fortunate enough to stay covered face seemingly endless rate increases.

And, of course, a lot of cash-strapped tenants have found themselves footing those bills.

State lawmakers gathered in May for a special session and passed two laws, but critics argued the legislation didn’t do enough to address the urgent issue.

The professionals on the industry's front line say the problem remains far from solved.