11/09/2023
Here is a great article why home rates continue to increase and they have less options in the marketplace. Here are some excerpts from the article:
• “Some places may be impacted very minimally, but other places could see massive increases in insurance premiums in the coming years,”
• “There are likely to be more insurance market failures in the future…. as more insurers simply refuse to underwrite policies in certain communities or go property by property.”
• “Inflation has made the cost of repairing homes pricier and home prices remain near record levels. “
• “A labor shortage means getting damaged homes repaired may take longer, requiring insurers to pay for temporary housing for policyholders longer.”
A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report says.
