Posted on 02/23/2024 12:32:33 PM PST by ChicagoConservative27
The astronomic rise in mortgage rates and spike in home prices over the past year has pushed a key tenet of the American dream out of reach for millions of families.
Now, there is another obstacle to homeownership: higher home insurance premiums.
The average cost of home insurance for a $300,000 property in the U.S. surged 12% in 2023 to roughly $1,770 per year, according to a new report published by Insurify, an insurance comparison website headquartered in Massachusetts.
However, home insurance is even more expensive in states plagued by severe weather and other climate-related catastrophes. In fact, as the frequency and severity of destructive weather events have increased, more areas are considered high risk and unprofitable for insurance companies, the report said.
(Excerpt) Read more at foxbusiness.com ...
It’s the inflationary costs to rebuild due to President Retard screwing up the economy
“Florida is the most expensive state for home insurance, with the average annual cost rising $9,213 last year.”
I don’t know the correct number but the average annual cost didn’t rise by $9,213 last year in Florida.
“That much I can tell you.”
Mine doubled in one year.
Biden Hell, yes, but also rampant insurance fraud.
Texas passed a law that roof replacement deductibles MUST be paid on insurance claims, but unscrupulous roofing companies have skirted around that by monkeying with the estimate figures and just outright lying.
I’m not a fan of insurance companies, but they ARE businesses which must make a profit to survive. Conning them out of justifiable income doesn’t come without economic consequences.
Covid, vaccine deaths, and life insurance. Peter to pay Paul.
We’re in Arizona and it went up here, too.
You will have no home, no car, no meat, no metabolism, and you’ll like it.
Still about 800/ year for my Scottsdale home
How much money to elite Executive Security personnel make?
Free rent to live in Mansion’s detached 7 car garage.
yup.. the cost to replace my house built in 2005 is now 3 times what the original cost to build it was.
couple that with everyone running to their insurance when a hail stone falls within 20 miles of their home and our rates have doubled..
taxes however have tripled.
Where in Texas? Our homeowner's, auto (two vehicles), and umbrella policies in *total* are at least 1/3rd less than this amount.
I haven’t looked at the full list, but I suspect the states with the highest insurance premiums are the ones where the probability of a total loss is highest.
I am in Northern California and my insurance doubled. Suddenly my home is now in an Extremely High Fire Hazard area. Last year it was just a rural residence in a lightly wooded area. Now we could burn down at any time apparently.
An interesting thing that most people don’t realize is that land in some markets like Florida is worth most of the price of a home. So in those areas, You should only insure for the building value. And be prepared to sell the land if something happens. Between the land and the insurance money you should be able to buy your next used home. Insurance tries to make you think you have to insure the land and your new house is the same as your old house. Likely a new home (if you have replacement value insurance) is an upgrade and you should not be insuring an upgrade.
Biden and company has destroyed so much of our country that I don’t know if we will ever recover even with a Republican in office.
My homeowners insurance is by far the most expensive bill I pay each month.
The 10 states listed
Florida
Oklahoma
Mississippi
Texas
Kansas
Georgia
Nebraska
Massachusetts
New York
Colorado
I don’t know why the OP didn’t list them for us. Yeah “link”. Most people don’t bother to click it.
Ours went up 62% last year and now the mortgage service has a shortfall and I’m up $100+ Per month to make up for that. Additionally the mortgage service is anticipating another 62% increase and has added $200 to the monthly payment - just in case - putting me up $300 total. Just got the notice this month. 😣 All I can do is suck it up and hope insurance does not increase that amount and maybe I’ll get a dispersement refund from escrow.
Thank you. I was hoping someone listed them here.
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