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Posted 8/29/2023, 2:40:28 PM

Americans forging homeowners insurance amid skyrocketing rates

More Americans are opting to forgo homeowners' insurance as rates increase, with 12% of homeowners earning less than $40K going without insurance in 2023, prompting experts to recommend bundling home and auto insurance to reduce costs.

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Relevant topic timeline:

8/22/2023

Americans now need to spend 43% of their income to afford a home as mortgage rates surge to a 23-year high

The average American now needs to spend 43% of their income to afford a home, as mortgage rates soar to their highest levels since 2000, reducing housing affordability and causing a decrease in housing supply.

8/18/2023

A looming insurance shock spells trouble for housing markets in Florida and California

Home insurers are increasingly pulling out of California and Florida due to rising construction costs, growing catastrophe exposure, a challenging reinsurance market, and insurance companies facing higher costs from extreme events, leading to concerns over homeowners insurance availability and costs and potentially impacting housing markets in both states.

8/28/2023

Homeowners are axing insurance amid rising premiums

Skipping home insurance due to rising premiums is a risky proposition, as homeowners may face financial devastation in the event of a disaster that damages or destroys their property.

8/30/2023

How to buy a home insurance policy in era of climate risk and more frequent disasters

Frequent weather catastrophes, fueled by climate change, are causing disruptions in the home insurance market, with insurers pulling out of high-risk areas, raising prices, and reducing coverage, leading to tougher choices and higher costs for consumers.

9/7/2023

Rising Auto Insurance Costs Are Screwing Drivers Across The Country

The rising costs of doing business in the auto insurance industry in the U.S. are leading to increasing premiums for drivers due to expensive repairs, rising disaster-related claims, and higher used car prices.

9/11/2023

Florida Homeowner Forced Out of Retirement to Afford Spiking Insurance Rates

A Florida homeowner is forced to come out of retirement and get another job to pay for soaring homeowners insurance rates, which have nearly doubled in a year, making it more difficult for her to afford her home.

9/13/2023

Why Your Auto Insurance Costs Are Skyrocketing

Car insurance costs have risen more than 19% in the past year, outpacing overall inflation, due to factors such as risky driving habits, increased repair costs, and the impact of natural disasters.

9/20/2023

Climate Change Drives Home Insurance Crisis in U.S. as Rates Soar and Coverage Vanishes

Millions of American homeowners are facing increasing insurance costs and reduced coverage due to climate change-related risks, with properties in high-risk areas potentially becoming overvalued as insurance underprices the risk, according to a new analysis from the First Street Foundation.

9/20/2023

Extreme Weather Drives Insurers to Abandon Homes Across Coasts and Inland

The risk of insurance coverage changes due to climate-related events is high in coastal regions and is increasing in non-coastal areas, leading to potential financial hardships for homeowners.

Topics

Posted 8/29/2023, 2:40:28 PM

Americans forging homeowners insurance amid skyrocketing rates

newsnationnow.com

Relevant topic timeline:

8/22/2023

Americans now need to spend 43% of their income to afford a home as mortgage rates surge to a 23-year high

8/18/2023

A looming insurance shock spells trouble for housing markets in Florida and California

8/28/2023

Homeowners are axing insurance amid rising premiums

Skipping home insurance due to rising premiums is a risky proposition, as homeowners may face financial devastation in the event of a disaster that damages or destroys their property.

8/30/2023

How to buy a home insurance policy in era of climate risk and more frequent disasters

9/7/2023

Rising Auto Insurance Costs Are Screwing Drivers Across The Country

9/11/2023

Florida Homeowner Forced Out of Retirement to Afford Spiking Insurance Rates

9/13/2023

Why Your Auto Insurance Costs Are Skyrocketing

Car insurance costs have risen more than 19% in the past year, outpacing overall inflation, due to factors such as risky driving habits, increased repair costs, and the impact of natural disasters.

9/20/2023

Climate Change Drives Home Insurance Crisis in U.S. as Rates Soar and Coverage Vanishes

9/20/2023

Extreme Weather Drives Insurers to Abandon Homes Across Coasts and Inland

The risk of insurance coverage changes due to climate-related events is high in coastal regions and is increasing in non-coastal areas, leading to potential financial hardships for homeowners.