The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on August 30, 2023, 01:03:55 pm
-
Nolte: Families Canceling Costly Home Insurance in Biden’s America
John Nolte 29 Aug 2023
Americans are canceling their homeowner’s insurance because they can no longer afford it, reports the Wall Street Journal.
Welcome to Joe Biden’s America, where the ruling party doesn’t want you to own anything.
“Homeowners are increasingly forgoing home insurance, gambling that the likelihood of a disaster isn’t high enough to justify the cost of a policy,” reports the Journal.
“Some skipping insurance say they are doing so because they can no longer afford the rising premiums,” the report adds. “The national average for home insurance based on $250,000 in dwelling coverage increased this year to $1,428 annually, up 20% from 2022, according to Bankrate.”
That’s a jump of 20 percent in a single year.
“Twelve percent of homeowners in the U.S. don’t purchase homeowners’ insurance. About half of them have annual household incomes of less than $40,000, according to a 2023 survey[.]”
more
https://www.breitbart.com/politics/2023/08/29/nolte-families-canceling-costly-home-insurance-bidens-america/
-
Bad idea
-
Bad idea
Perhaps. But when your premium doubles or triples and your prior insurance company didn't payout on your claim, what would you do??
I blame the insurance companies that have gouged their customers for years and then when it's time to pay out a claim they either drag their feet for years or just don't pay. Then they become insolvent.
Think about paying premiums every year for 20 years or longer and then not being able to collect when you finally file a claim. People would be better off putting that money aside year after year for when they need to repair their homes.
Mother Nature has sent us a multitude of storms throughout this country -- several areas haven't seen storms of this magnitude in many decades or a century and it's not just in FL.
Weather is cyclical and no I don't blame climate change resulting from earth's inhabitants.
The insurance industry is a complete mess; mismanagement is pretty prevalent these days.
-
I am one of those 'going bare'. The property taxes are eating me up, I can't afford BOTH. Besides my (pier and beam) house is over 125 tears old and nothing has happened YET that I can't take care of myself. Large limbs have fallen on my 10 yo steel roof. I just got up there with a chainsaw even when I had Homeowners insurance.
-
Bad idea
In California, any house deemed a high fire risk (they don't live in a city) is nearly impossible to get fire insurance for currently. The only choice for many of these people is the "California Fair Plan" which is a pool of insurance companies that are forced by law to offer insurance if they want to sell insurance in the state. The cap is $3 million and the coverage is essentially fire only and not water damage from a broken pipe or other disaster. If your house is worth more, too bad, it isn't covered. It is rapidly approaching crisis/collapse.
-
I am one of those 'going bare'. The property taxes are eating me up, I can't afford BOTH. Besides my (pier and beam) house is over 125 tears old and nothing has happened YET that I can't take care of myself. Large limbs have fallen on my 10 yo steel roof. I just got up there with a chainsaw even when I had Homeowners insurance.
I hear ya. This year we decided if our insurance premiuims/flood insurance goes up anymore, we'll roll the dice and take our chances. It's becoming unaffordable. We downsized so that we could continue our lifestyle and afford medical costs. That plan got blown out of the water. :laugh:
Another reason we should have moved out of FL when we could. Oh well. Life happens.
-
Perhaps. But when your premium doubles or triples and your prior insurance company didn't payout on your claim, what would you do??
I blame the insurance companies that have gouged their customers for years and then when it's time to pay out a claim they either drag their feet for years or just don't pay. Then they become insolvent.
Think about paying premiums every year for 20 years or longer and then not being able to collect when you finally file a claim. People would be better off putting that money aside year after year for when they need to repair their homes.
Mother Nature has sent us a multitude of storms throughout this country -- several areas haven't seen storms of this magnitude in many decades or a century and it's not just in FL.
Weather is cyclical and no I don't blame climate change resulting from earth's inhabitants.
The insurance industry is a complete mess; mismanagement is pretty prevalent these days.
My insurance went up about 8%, but I am considering that between fire remediation 2013-14), replacement of items lost, and the new roof from a hailstorm a couple of years back, (bringing the structure up to current code in both instances--it was built in 1912), they have paid out substantial sums with no hesitation nor grief, even putting us up in the middle of an oil boom while the house was being rewired and repaired.
Considering their past performance, I have no beef. Even at these premiums the payments on claims will not be recovered in my lifetime, even if there are no other claims.
-
When we had the Texas Freezeout 30 months ago, though I had Homeowners Insurance, I didn't file a claim. The only time I hired a Contractor was to replace the metal roof and put concrete piers under the house to stabilize the foundation.
Genetically I'm wired to just do it myself, sans contractor.
-
When we had the Texas Freezeout 30 months ago, though I had Homeowners Insurance, I didn't file a claim. The only time I hired a Contractor was to replace the metal roof and put concrete piers under the house to stabilize the foundation.
Genetically I'm wired to just do it myself, sans contractor.
I leave the major stuff for the insurance, genuine loss. The little stuff, I just do, too.
While I could replace a roof, and do the labor, a contractor (and usually a Mexican Crew) will have the job done better, far faster, than I could do it. If there was no reason to file a claim with insurance, that'd be one thing, but a hailstorm with 3" hailstones (wiped out every roof in the neighborhood) is another deal.
-
Saw a FBN piece that this has been going on since Biden's economic disaster, and many fin. institution mortgage holders are imposing insurance surcharges to protect their investment.