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Surging home insurance costs could force families to leave these 10 states
foxbusiness ^ | 02/23/2024 | Megan Henney

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 ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: home; housing; insurance; realty; states; surging
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To: poinq

Good points—especially for FL and CA which have been hard hit.

Our insurance is reasonable but the quoted replacement cost for the home is ridiculous—more than three times what we paid for it twenty years ago—and it was not new then.

If the rates start jumping I will definitely be looking at lowering that replacement cost—if the replacement is a slight downgrade no big deal.


21 posted on 02/23/2024 1:12:20 PM PST by cgbg ("Our democracy" = Their Kleptocracy)
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To: ChicagoConservative27

Nationwide has been forcing customers to powerwash and/or replace their roofs.

They fly a drone to photodocument any discoloration.


22 posted on 02/23/2024 1:14:04 PM PST by lightman (I am a binary Trinitarian. Deal with it!)
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To: jeffersondem

It’s bad, though.


23 posted on 02/23/2024 1:16:57 PM PST by xoxox
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To: Agatsu77

The California insurance companies are probably planning for house conflagrations caused by Tesla cars in the garage. Every other car in the Bay Area is now a Tesla.


24 posted on 02/23/2024 1:17:24 PM PST by ProtectOurFreedom (“Occupy your mind with good thoughts or your enemy will fill them with bad ones.” ~ Thomas More)
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To: cgbg

Hurricane hit SW Florida....

That’s like everyone having a car wreck x10 on the same day.

Legislature is helping fix it....


25 posted on 02/23/2024 1:20:42 PM PST by blackberry1
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To: ChicagoConservative27

I dropped my house insurance. I’ll take my chances.


26 posted on 02/23/2024 1:26:40 PM PST by roving (Deplorable Listless Vessel Trumpist With Trumpitis and a Rainbow Bully)
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To: ChicagoConservative27

Checking out condos along the NC coast (on Zillow)...HOA dues are out the roof. I’ve seen them as high as $16,000 annually. I’m guessing much of that is the building insurance.

We’re in a friend’s1000sf condo at Ocean Isle NC this weekend. The unit is 3rd/4th row back. HOA dues are $6500/yr. That doesn’t even include interior insurance and local property taxes. Luckily, the unit was paid off a long time ago.


27 posted on 02/23/2024 1:35:04 PM PST by moovova ("The NEXT election is the most important election of our lifetimes!“ LOL...)
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To: Agatsu77

maybe you live close to PGE power lines


28 posted on 02/23/2024 1:51:05 PM PST by ChronicMA
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To: Freedom_Is_Not_Free

I have an add blocker and that will not be allowed by FB


29 posted on 02/23/2024 1:53:20 PM PST by mfish13 (Elections have Consequences.)
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To: Beowulf9

It’s up everywhere, because everything is more expensive including labor. Some costs may come down if housing market slows a bit more and cost of supplies and labor has less demand.

I’m not generally a fan of regulation but some things we as a people might be better off with collective bargaining. I hear in Florida that the state fund is now the primary insurer because not many independent insurers want to do business in the state. The risk is high as one bad hurricane could hit them with ten billion in damages at a time. So, why not have a Florida only insurance company? All Floridians contribute and “force” by collective bargaining a maximum profit they can make - keep administration costs down. Maybe even make it a charity, so there is no profit. They have to keep large reserves yes, but they don’t have shareholders to pay out. They just need adjusters and actuaries. Just a thought. Needs flushing out. Or heck Freepers can reject it out of hand.

Don’t some states do this with auto insurance? Or at least it was proposed. Put a tax on gasoline and that’s the insurance premium. No fault insurance. No major payouts for “pain and suffering” just legitimate lost wages and repair costs. Lawyers won’t like it. And another thing - with Obamacare, most everyone has health insurance. So why do we also need to pay premiums for injury in a car, slip and fall liability, or worker’s comp insurance too? its all healthcare. Why have 5 different types of insurance for health care coverage? If you have health insurance it should cover any injury. That would drive a lot of efficiency and lower costs of insurance and for business liability too.


30 posted on 02/23/2024 1:54:34 PM PST by monkeyshine (live and let live is dead)
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To: fwdude

IF NO FOSSIL FUELS-——NO SHINGLES.


31 posted on 02/23/2024 1:56:34 PM PST by ridesthemiles
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To: monkeyshine

The idea is interesting.

One problem with state run enterprises these days is that they seem unable to invest funds without making corrupt deals with “investment advisors”, “consultants” or “investment fund managers”.

I do not how to solve that problem in an age where crooks are running wild.

An insurance fund would (hopefully) have big bucks in reserves—a very tempting target.


32 posted on 02/23/2024 2:00:07 PM PST by cgbg ("Our democracy" = Their Kleptocracy)
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To: poinq

HAVE OWNED 4 houses—some with acreage.

HAVE NEVER SEEN ANY COVERAGE FOR “LAND” ONLY STRUCTURES.

AND LIABILITY


33 posted on 02/23/2024 2:00:25 PM PST by ridesthemiles
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To: Freedom_Is_Not_Free

Calif should be on that list,


34 posted on 02/23/2024 2:01:25 PM PST by ridesthemiles
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To: cgbg

During the “Supply Chain” crap-—a piece of plywood 4’ X 8’ went from about $7 to over $64 .


35 posted on 02/23/2024 2:03:15 PM PST by ridesthemiles
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To: lightman

NO FOSSIL FUELS===NO SHINGLES.


36 posted on 02/23/2024 2:03:56 PM PST by ridesthemiles
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To: ChicagoConservative27

Yes, our insurance rates are high and going higher, so don’t move from your communist state to Texas.


37 posted on 02/23/2024 2:11:59 PM PST by EastTexasTraveler
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To: ChicagoConservative27

1700? I wish. Mine is 3200 a year. Florida is becoming so expensive. Car insurance is 2500 a year. Groceries, tolls, electricity, water all up up up.


38 posted on 02/23/2024 2:16:54 PM PST by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: ChicagoConservative27

This is just the insurance industry getting its turn in the barrel. Govt restrictions and onerous codes have run up the cost of construction (like everything else), and recent weather damage figures have shown insurance companies they have been pricing too low. Now it’s catch-up time.


39 posted on 02/23/2024 2:18:14 PM PST by SaxxonWoods (Are you ready for Black Lives MAGA? It's coming.)
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To: Freedom_Is_Not_Free

Paging Ron DeSantis.


40 posted on 02/23/2024 2:20:26 PM PST by FES0844
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