Tag: home insurance
-
Home insurance premiums are rising dramatically across the central United States, driven largely by increasingly destructive hailstorms that cause billions of dollars in property damage, according to recent federal reports and industry data. In June 2024, softball-sized hail struck Cozad, Nebraska, a town of 4,000 people, causing an estimated $100 million in damage. Nearly every…
·
-
Rising costs and declining availability of home insurance are fundamentally changing communities across the United States as climate-related disasters become more frequent and expensive. The crisis, which was once concentrated in hurricane and wildfire-prone regions, has now spread to areas previously considered low-risk. Between 2018 and 2022, home insurance costs increased approximately 8% faster than…
·
-
Despite some stabilization in Florida’s volatile property insurance market, homeowners and condo owners are still grappling with some of the highest insurance premiums in the country. An emerging trend sees more individuals choosing to “go bare” by opting out of traditional home insurance in favor of self-insuring, a move that experts view with significant concern.…
·
-
An emergency order preventing insurance companies from issuing non-renewal or cancellation notices to policyholders in hurricane-affected areas is set to expire today, Tuesday, December 10. The order, which has been in effect since September 26, offered temporary relief to homeowners in areas impacted by storms. Once it expires, insurance companies may resume their standard practices…
·
-
Approximately 15% of Florida homeowners choose to self-insure their properties amid the state’s ongoing property insurance crisis, but experts caution that this option carries significant risks. What Does Self-Insuring Mean? Self-insuring involves setting aside funds in a savings or investment account to cover potential repairs or rebuilding costs instead of purchasing a traditional insurance policy.…
·