Homeowners ditching home insurance over rising premiums

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

Connect with CNBC News Online

#CNBC
#CNBCTV 

[NicholasBall]

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

[PatyRamírez-zz]

The biggest lesson I learned in 2023 about the stock market is that nobody knows what will happen next, so practice some humility and low a strategy with a long-term edge.

[Faith_Hope_Live]

Well, if it's a choice between buying food, paying utilities, having health insurance, I place homeowner's insurance as LAST.

[captmrgn]

My insurance went up 42% this year and 30% last year. INSANE!

[jonlj]

CANCEL. Self insure. If you have 20% paid on your mortgage you can handle your( escrow ) taxes and insurance on your own. At that point just cancel your insurance. Punish the industry, and fight back. They don’t have your best interest at heart. The coverages and deductibles are getting worse and worse.

[mclaine]

You legally cannot abandon any home insurance unless you own the home and have no mortgage. There’s no such thing anymore of having a mortgage without insurance.

[l.rod]

I realize insurance companies have been paying out a lot of claims due to so many weather related disasters. However my insurance both homeowner and vehicles have been skyrocketing to the point that I can barely afford it. Not sure what the answer is, but certainly continuing to raise premiums will ultimately price themselves out of business and that will certainly collapse the economy.

[karmasutra]

I paid cash for my home and I am going to not renew my insurance at the next renewal. It is getting ridiculous and I can just self
Insure at this point

[chillwill]

With what government takes in property taxes, I feel like they should provide insurance on their assets.

[MH_]

Honestly this is a pay to play situation.. 
Maybe push the rate hikes on people based on individual risk, not overall risk.. people who want to live on the coast and areas prone to fires or other natural disaster pay a surcharge.
Why am I paying for people who chose to live in risky areas?

[defendingthefaith.]

If one is paying their bill. Insurance companies shouldn’t be able to drop those clients. Unless they are giving that money back. Insurance companies are stealing clients money.

[wrenchinnerd]

my insurance has gone up 300% in the past 5 years. Forced to have it because mortgage. I am looking to get the bare minimum insurance but the policies and information is hidden. The levels of coverages are forcibly set by the insurance coverage.

[ftdghss]

If one has a mortgage, isn’t insurance required by the mortgage company?

[wd]

I got rid of mine and invested it and now have a lot more to fix whatever issue may arise and still will money leftover. Smartest move i ever made.

[johndoe-wvnu]

My insurance is due for renewal in October. It's reported to increase 42%. If that happens i will not re new.

[diamond]

I have to admit, I have thought about doing this. I just don't like the fact that insurance can and do insure what you don't need and cannot change. My insurance is $4, 000 and Property tax $4, 500. WHY pay these after 65 and low income with home is paid off. Where does it stop? Getting where we can't afford to maintain the house and running us out of our homes we spent 50 years to Retire. They are insuring my $1, 000 for $19, 000 and I don't have a choice. Why do we have to fight every year to keep tax and insurance low when we have no issues.

[toupoutou]

Texas coast here, got un renewed, premium rising between 5-7k with poor surplus line policies... how to get a liability insurance without HO insurance? Can I rent my home to myself at will?
Where can I split the liability risks and buy it from somewhere else?

[charles]

Let these insurance companies price themselves out of business. DON'T BUY THEIR PRODUCT!

[westentrance]

After diligently paying home insurance premiums, my experience with one small claim with The Hartford has been a near journey thru hell. Beware.

[Chano]

There is basically less homeowners issues in Az and they are going up double. Break them up. They are monopolies. Blackrock raising rates.