Posted on 09/02/2023 7:56:53 AM PDT by Roman_War_Criminal
In yet another ominous sign, consumers are being pushed to the financial brink, leading some to abandon homeowner insurance due to soaring premiums. Without this coverage, homeowners are left vulnerable to fires, burst pipes, theft, vandalism, and windstorms.
"Some skipping insurance say they are doing so because they can no longer afford the rising premiums," said The Wall Street Journal. New Bankrate data shows insurance on a $250,000 home jumped to $1,428 annually, up 20% from 2022. That's about a $119 monthly payment.
Amy Bach, executive director at United Policyholders, a national nonprofit insurance consumer-advocacy group, said an increasing number of homeowners in the past several years who have no mortgage or inherited a home are abandoning insurance because they can't afford it.
(Excerpt) Read more at prophecynewswatch.com ...
We have no mortgage but with an F3 tornado just 20 minutes north, close enough for an alert telling me to take cover, and staying on the ground for 3 minutes taking out Main Street....nope.
We are keeping home insurance.
This is a sad post.
Biden’s economy is filling shelters like never before, and former pets are dying enmasse.
If you are hoping to adopt, now is a good time.
“Homeowners” cannot skip on home insurance, if the bank or lender still owns your home via a mortgage.
In my case, I no longer have a mortgage, but I have to get it because it’s an HOA requirement. If it were not a requirement, I wouldn’t get it. Flood insurance is another matter, and I know a lot of homeowners in Florida who have opted to go without it.
Biden’s economy is filling shelters like never before, and former pets are dying enmasse.
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There is much more to it. The “ Perfect Storm” arriving has dozens of elements, rampant spending, corruption, welfare, immigration, election fraud, dying US hegemony, moral decay, unpayable debt, lawlessness, etc….all insure when it “ hits”, it will be historic.
That said, expect our Government to become more authoritarian as the cracks get larger and larger….as we are witnessing.
Deerfield, one of the Century Villages raised it’s dues $200 because of insurance rates. People are leaving. They move there for the gated security. Over 55? They’re coming after you.
““Homeowners” cannot skip on home insurance, if the bank or lender still owns your home via a mortgage.”
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an increasing number of homeowners in the past several years who have no mortgage or inherited a home are abandoning insurance because they can’t afford it.
Any numbers that include those that cannot buy insurance are bogus.
Here in CaCaLand the big insurers are leaving ‘cause California law has made it impossibly expensive to insure. Mostly ‘cause any policy has to include coverage for CaCaLand government wildfires — wildfires that would not occur if the gov’mt did not sit on its hands and let them burn — see Lahaina. So, even if my house is in the flatland with groomed and well watered trees all about — I have to subsidize wildfire insurance for those fools who insist on pretending they are living off grid in the woods.
Hurricane Idalia just swept through my area. Only an idiot would want to be without home insurance.
Nothing wrong with that. It's that we are no longer doing "Forest Management" because it's bad for the environment.
“an increasing number of homeowners in the past several years who have no mortgage or inherited a home are abandoning insurance because they can’t afford it.”
I’m in hurricane country and still see that a lot. Less on homes but a lot on small commercial buildings, Too some degree I can understand it with the cost of insurance. As long as they don’t go running to FEMA for rebuild money after a hurricane. Part of the problem the cities will go to FEMA as they don’t want a bunch of vacant lots in the downtown business district. Understandable as it looks bad and hurts the tax base.
Don’t have a good answer to the problem. Building to hurricane code helps a bunch, but we are talking about pre-code old buildings and owners who don’t always have the money to upgrade, think Maui.
Home insurance is probably about to get a lot more expensive for owners of EVs. Apparently flooding makes them burn and burn whatever structures they are next to. Idalia illustrated that.
Congratulations on your choice to live in a HOA. I will never do that. I own my home. I will not turn over the effective ownership to a group of petty tyrants and nosy parkers just to keep my neighbor from painting his house blue.
Michael pretty close to leveled my town. My house was undamaged though I did have to saw up some downed trees to get back in the door. The expense of home insurance would force me out and into a rental somewhere. No thanks. I will take my chances. My daughter had no insurance and lost her house but fire(hurricane)sale prices allowed her to buy a better place on some acreage for cash. She won’t get home owner’s insurance either. She researched companies and policies and determined that she would have to choose between eating and buying gas to go to work if she got the coverage.
Payees always have to subsidize someone. I’m sick of it.
Foreigners not, just the weather.
I read about that. All of this didn't happen by "magic". They were good stewards of the land. The Left didn't educate us this fact.
Well there’s a bad idea. Had part of my roof “removed” by a nasty storm in late July. While it took basically all of August to sort out insurance BS I’m getting a new and much better roof next week. Way better than shelling out 20 grand.
I have no use for a pool and do my own painting and roofing and am 77 years old. I like not having that mortgage or any car payment either because I only pay cash. I don’t drive new cars but the ones I have and have had get me where I want to go in comfort. I don’t like paying monthly for anything other than utilities and don’t. If my neighbor leaves his grass uncut for a few weeks I have no problem with that unless it breeds a cloud of gnats then I will threaten to mow his lawn to half an inch when he is not home and he takes care of it. I own my property and the rights to it and my neighbors can say the same. I like it that way. Mowing the lawn and doing my own maintenance keeps me healthy without having to buy a Gym Membership.
We’re not that much different.
I don’t have a mortgage and haven’t had one for about 20 years. My community has a pool, but I don’t ever use it, but my daughter and kids and visitors do use it.
I don’t have car payments, and have had any for about 20 years. I’ve paid for my last 3 new cars in cash, including my latest Lexus SUV. No monthly payments. In fact, I just bought new furniture about 2 months ago, and paid all $6,200 in cash. Like I said, no payments. Other than electricity and cellular service and wi-fi and tv-package (YT-TV) and water/sewer, I have no monthly payments. Even my auto insurance and home insurance, I pay in lump sums. Again, no monthly payments.
And, I don’t have to pay for paint or painters or roof or roofers. YOU still have to do some of that, and YOU still have to pay for most of it; I don’t, other than thru my HOA, where I still end up saving many thousands over the span of 10 years And, hey, I’m around the same age as you. Maintaining a house will all of its headaches, got to be too much and too expensive.
There will come a time when you will want to sit back and enjoy what you have left of your life.
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