Home insurance companies drop customers as costs soar

Home insurance companies are dropping customers and rising premiums are making it even more difficult to own and maintain a home. It comes as a new analysis shows home insurance companies losing money in at least 16 states last year. NBC News' Brian Cheung has a closer look.

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#HomeInsurance #Economy #Housing

[Patriciabanks]

The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people—at least in California, where I currently reside—are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!

[TC-cdsm]

I swear property taxes and home insurance is insane.

[FreedaPeeple-djfy]

Insurance of any kind is a scam, pure and simple. Is there another business that demands you give them money and tell you not to expect anything for it?

[FreedaPeeple-djfy]

"Here, sign this paper that says you have to continually give us money while we almost certainly will never have to give you anything for it."
...
"Oh, my gawd, the cost of paper has skyrocketed! We'll have to take even more money that we do nothing for!"

[GregLakatosChradm]

Start banning them from doing business in the state.

[terranceali]

So we been paying insurance for years
Than when we gotta use them they drop you 😂😂😂
Something has to change

[bellagirlgirl]

Hmmm... so, some homeowners that get dropped and can't afford the new policy If you're paying on a mortgage, the bank requires you to have home insurance.

[shipwreck]

So the message here is that insurance companies are only in the business of collecting money and the exact transaction they are in the business to provide will be to drop you if they have to actually fulfill their end of the bargain as the business to the client. This is corporate America for you. Don't even get me started on health insurance and how you'll be dropped as well if you need some life changing health procedure or events.

[kenarthur]

You pay for decades for insurance. 1 claim and boom, you're dropped. Such a ripoff. Entire insurance industry needs to be audited and new laws made

[brandonaynesmay]

They're overcharging for everything. Even a soda is overpriced.

[duckling]

No one really owns a home because of property taxes.

[TravelBySea]

I've never had a claim and was not renewed for the first time this year. Scrambled to find insurance, as most companies are not writing new policies 1:18. Finally found one, and paying 4 times more 😮
Fasten your seat belts, it's a rough ride out there

[mujkocka]

One needs to keep on top of the maintenance. Get a thermo camera to see if there are damages hidden

[yousifhela]

My insurance cost increased 200% can you imagine that 200 freaking percent 😂😂😂😢😢😢

[SusenFreemyers]

If you paied in, all your life and they drop you like a hot cake. They should give you your money back. But they don't so it's basically worst than being robbed.

[SHERMAN]

If you dont have car insurance, it is ilegal, right?! And you go to jail, but the same companies can reject you to have home insurance. This is pure Legal Corruption and they need to go to jail too.

[dwlsrpl]

Question: the house looks elevated and the water damage looks like it's in a floor well above grade. How exactly did a storm damage that? I would say it's from a burst pipe, not a storm.

[LuckyDuckie]

Renting is so much cheaper in certain areas. Example Santa Clara County (california) the median house price being sold is $2 million dollars. The avg median rent for a house is $5k in the same county. If you were to put 20% to buy a house, it will cost you $12k a month (mortgage + insurance + property tax) to own vs $5k to rent. It makes zero sense to buy a house unless you purchase it with 100% cash or near 100%. You're better off renting and investing the difference in stocks

[gordonallen]

Insurance companies are a BUSINESS. It's about "profit" at the end of the day. When claims exceed profits, these companies will either raise rates exponentially, and/or simply drop entire regions of policyholders. States like Florida and California are a sign of what's to come for the country overall.

[nameblocked]

Your property values doubled or tripled. What did y'all expect? This is what you were all warned about but were too busy celebrating the property values.😊