I saw another
article on homeowner's insurance today.
You'll find much of it is exactly what I've been telling you again and again for a long time now.
Here are some snippets:
"In 2024, insurers raised rates by 10.4 percent as of Dec. 27, which followed a 12.7 percent hike in the previous year..."
"In total, 33 states saw premiums climb by double digits last year..."
"The costs can become so much of a shock that homeowners often consider moving because the insurance premiums are now making their home unaffordable."
"...nearly a third of realtors were aware their buyers were finding it difficult to secure insurance for properties."
The bottom line:
- More and more people with mortgages will face premiums increasing toward or surpassing their premium and interest payments.
- Sudden surprises will leave people needing to move, because they won't be able to afford their payments.
- The more expensive your insurance gets, the harder it is to find a buyer for your home.
Be prepared.