Many Americans burdened by skyrocketing home insurance rates

As U.S. home prices remain stubbornly high and many parts of the nation are seeing more extreme weather, homeowner insurance premiums have spiked in response. Jo Ling Kent has more.

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[Patriciabanks]

Because so many people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.

[alphaomega]

Insurance is the biggest legalized scam there is.

They do anything to not have to pay a claim, and then when they do, they raise the price exponentially. 😳

[herbbot]

Insurance companies should stop with the dumb commercials and lower rates

[TheyRiseBand]

What part of "You will own nothing and be happy" did people not understand?

[peterbedford]

The hard truth of the matter is that insurance only works if it is rarely used and only by a few people.

[Liberalcali]

Why do we pay insurance if they don’t want to do business with us

[kenarthur]

Fed said there would be 3 rate cuts this year. Now maybe 1 if we're lucky. Fed is clueless of people's pain. 🤬

[nameblocked]

Home owners celebrated and mocked the rest of us about how much their properties have increased in value. Well here's your reality check. Higher values are of no benefit to the owner. Take your medicine 💊. Taxes, insurance and all the other expenses tied to the property values are here now 😊.

[mylifeintexas]

He doesn’t know why people don’t see the benefits of this blooming economy, but then at the same time says that people are gonna feel the pain of this economy. Like you really can’t make that ish up.

[lgee]

All my excess funds will be going to pay home insurance🤷🏽‍♀️🤷🏽‍♀️🤷🏽‍♀️

[letterphase]

Do all these massive increases in cost mean we’re getting increased coverages?

[mrtee]

My semi-truck insurance is increasing, diesel rates are up, but rate still low. I'm making less money but spending more.

[bkburnaz]

She said she spoke to the fed chairman directly lol 😂

[TheModernInvestor]

Im shocked that people arent feeling better about the economy right now. I mean inflation is down to 3.3% but rent is up by 47%, gas, electric and heating are all nearly double the cost and food is up by around 80% since 2020. Now why in the world would people be upset !?

[hologramhouse]

"You wanna play ball?! Lets play ball!!"- Wicked Witch of the West

[Personalfinance_]

The advertising plots of TV commercials means just signing people up at teaser rates is a great business model. Needs some oversight esp. people w/mortgages where the banks and insurance company set the rate themselves and pay it via the escrow.

[eddyeroyal]

I just called my mortgage company about the new home in Mansfield, Texas, they said it’s a problem not only in Texas but across the America. I didnt cause this, my policy was $4000, now it just renewed for $8059, so I called another insurance company to see what can be done.

[Jayyy]

And then I’m here trying to get my first home. Even that is expensive. 10Kcin just closing costs.
Don’t even know anymore

[RobustArid]

No extra money for vacation or food in the house anymore

[saidtheblueknight]

Some people: what the heck is happening with our economy? Everyone else: literally exactly what we warned you about 4 years ago.