Home insurance companies drop customers as costs soar
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- Опубликовано: 11 июн 2024
- 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
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!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where it’s headed, especially in terms of finances and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
Finding financial advisors like Carol Vivian Constable who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I swear property taxes and home insurance is insane.
Try “criminal”!
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?
Right
And in the extremely rare situation where you’re owed a payout they do everything they can to not honor the agreement
Exactly
yeah, many of our taxes fit that category too.😅
Auto insurance should be mandated though. Too many people can't afford to payout others. If someone rear ends my porsche 911 turbo, how many can payout $250k?
Start banning them from doing business in the state.
They are often leaving the state, so that won’t do anything. The problem is climate change and although I have no ove for insurance companies, as the video stated, they’re losing money in a lot of states. Even states that normally don’t have tornadoes or earthquakes or flooding or hurricanes are seeing increased insurance rates. It’s scary because you have to have insurance (unless you’re rich) and if climate change continues wreaking havoc and rates keep going up, something’s going to have to give.
@@dontbanmebrodontbanme5403 Nonsense. States like mine where we have none of that pay more because if it.
yes... ban all insurance companies from the state.. they will show them
@@daintyminnie9270 Who said all? So now we know you can write or read.
@@GregLakatosChradm yes.. all should ban so people can have freedom
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.
Health insurance can't do that anymore. Obama stopped that. It's like the one good part of the affordable care act they let him keep.
The insurance companies have been making loss making payouts in hard hit states.
"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!"
Hmmm... so, some homeowners that get dropped and can't afford the new policy will.....what? If you're paying on a mortgage, the bank requires you to have home insurance.
It's called "Equity Theft". Illegal in some states. HOAs are getting in trouble for it.
In many cases, when you are given a "non-renewal" letter, it's not about "can't afford the new policy", its about NO INSURER will enter into a policy contract with you, leaving you to either ask a Third Party Insurer (who could go bankrupt anytime without notice) or a Non-admitted Carrier (isn't regulated or bound to rules). . .leaving your home to foreclosure OR taking the chance that your home will never need protection OR have the amount it will cost to rebuild a new house in a CD account.
So we been paying insurance for years
Than when we gotta use them they drop you 😂😂😂
Something has to change
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.
I think about this alot. People could have saved that money in a secure account and it probably would have covered most or all of the cost out of pocket.
@@rnhim2072 YEP! I purchased my home right after Grad school. I had homeowners coverage for 20 years with AAA. 2023-Crazy winter storm blew 2/5th of the asphalt on my roof and 3/4th of my shared fence over 50 feet away. I put in a claim, roof and fence was fixed for $10,000.00 total. Two weeks ago, I received a "non-renewal" letter and since my home is paid off, NO insurance carrier is willing to enter into a policy contract with me. $2,000.00 average per year / 20 years = $40,000 I paid into insurance. They paid out $10,000.00, and walked away with $30,000.00😡
No one really owns a home because of property taxes.
So true
Exactly
Exactly!!! Furthermore, lenders required home owners to have insurance too so plays another factor of another equation
Exactly, just like Ill never really own my car because all the licencse, taxes and fees.
Exactly, especially states that prioritize property tax over income tax. You'll never really own your property with taxes that high. You only have to pay higher property taxes when you are old and can't work, what a burden
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
They're overcharging for everything. Even a soda is overpriced.
Biggest crooks
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.
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.
Yup people think they're charities that should allow them to live in a hurrican prone area for an extremely cheap insurance rate.
The climate is changing and insurance rates are SHOWING US what the future is likely to be like.
My insurance cost increased 200% can you imagine that 200 freaking percent 😂😂😂😢😢😢
Name of that home insurance company?
Allstate was my previous company. I’m now with Geico.
CSAA-Northern California (AAA) for 20 years until May 28, 2024. . .got a "non-renewal" letter after filing ONE claim due to winter storm.
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
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
Which makes owning a home for generational wealth building a thing of the past. BTW: I live in the Santa Clara County - Bay Area
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.😊
One needs to keep on top of the maintenance. Get a thermo camera to see if there are damages hidden
People gonna be super shocked come 2025 when the insurance and property taxes keep going up.
Just like people who are having kids right now, I wonder about these people and their abilities to look at what’s happening around them and plan for the future 😂
duh!! stop filing claims people!!! it affects u no matter what!
Seems like insurance company was just greedy for many decades and never prepared for any disaster now customers are left holding the bag the government should definitely look into why this is happening
What are we supposed to do if we have a claim? Taxes and insurance keeps going up. I can't do this by myself. I think about selling and renting every day.
From 2400 per to 7200. Insane
It might be cheaper to put that insurance money in the bank and if there is a disaster you have that at your disposal because insurance companies are not reliable in America
It’s messed up that to get a loan to own a home you need insurance in the fact that your payments for your home could triple because of something that you would probably not use unless it’s an emergency is insane. I swear Americans are trapped in abusive relationships with insurance companies, banks, and real estate agents.
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.
do your homework , if you live in a flood zone , fire hazzard aera , hurricane zone , it's called tornado alley for a REASON
Politicians are allowed insurance companies to do this so firms can come in from out of state buy the homes cheap and then the insurance will go back down remember these politicians and vote them out
Stop thinking about filing a claim unless it's a major disaster.
1. Property taxes shouldn’t be a thing otherwise don’t say that I own property
2. Companies better start getting used to the idea that they’ll have to hold up their end or face going outta business
Homeowners and contractors as well as public adjusters are to hlame for this. They milk everything they can when they have a claim thinking insurance companies are supposed to remodel their homes by providing inflated repair estimates and then they wonder why this happens? Greed.
Raising your plan 300% is wild and criminal. Just to end up dropping you
Would someone who may know her to check out LEMONADE? That’s who we have here in Seattle land
Naw we don’t need no stinkin regulations
I am about to leave my carrier after 45 years.
That ain't right homeowners insurance need to insure homes That's their business if they want to drop them and they never paid a claim send all their money back
The economic reality of climate changes is here.
Biggest ponzi scheme around.
?? do you know what ponzi is?
Why don’t governments take over all those insurance businesses?
Throw money into index fund or something bank urself
You need insurance, if you have a mortgage. It is a condition of the mortgage.
They only keep customers who pay 6000 a year. Lol
These wigs are getting out of hand
Yeah that looks like what healthy black women's afro hair looks like so it is most likely her hair . Nice and full
We gotta keep that "American Dream" scam alive!
You don’t have to own your home. Just let coastal investors buy up your homes and become a permanent renter. Then you won’t need to worry about insurance bills.
Buy a house they said. It’ll be a great investment they said. I’m still renting and built up a net worth of $1M+ and climbing. Glad I didn’t take the advice…
You'll own nothing and like it. 👍
@@rickyayyYou don’t own your home until you pay it off, you’re just renting from the bank hoping the value of your home goes high enough eventually to cover all of the interest over 30 mortgage years and expenses you had on your house
@@FirstHandLLC There really is no paying off a home. Taxes and insurance go up every year.
@@Angel-810replacement costs and the wages of the repair workers go up. The material to maintain roads and infrastructure doesn't stay the same cost as 30 years ago. This is life, absolutely nothing to act shocked over.
So people strive to purchase a home. Then come to find out it is almost worse than renting. But then renting is also a mess right now. What a folks really supposed to do nowadays. They systems are for lack of better words are really putting the screws to people at every turn. You can’t rent. You can’t own. Is everyone just going to be out on the streets? This is so ridiculous.
Probably best to leave the US. I keep hearing of people being able to really stretch their money elsewhere. One thing we know in the US is that it will be more expensive
more like customers who drop their insurance
Wow
kids need fathers
Old news and not even true
Wicked
Its all in the higher ups master plan............rich....or ......poor..........middle.........goodbye
Building codes need to change.
Single moms are the problem 😂
Dump red state America!
That's Bidenomics
Biden inflation
US is the most responsible country in the world for this climate change as US emitted the largest portion of co2 for the last decades. So this country deserves consequences of climate change
WHat?.! Have you ever even read a single study on pollution? China and India would like to have a word with you about who pollutes the most😂China alone is over double our CO2 emmissions. 😂
1st
1,487th
Where's the baby daddy??? 🤔
Why?? Has nothing to do with insurance.
Baby Daddy is a Trump Supporter
climate change? no, try again.
Bidenomics
Reason.."Climate Change" 😂😂😂
You Will Own NOTHING and be Happy 😁
If you can’t afford a home don’t buy one😅
Tell that to Florida homeowners too
Your average home owner would never have seen the current situation coming.
@@bsgvlog5640 exactly
COVID vaccines
Think about it.
Thought about it.. makes no sense