Homeowners are in for more financial stress in 2023 as insurance rates are set to rise.
Experts at Insurify, a virtual insurance company, predict that home insurance rates will rise 9% in 2023, from $1,636 to $1,784. That’s on top of last year’s 7% jump.
Repairs are more expensive thanks to increased material costs. Just as auto rates are impacted by inflation, home insurance rates follow market trends for materials and labor.
“The same inflationary pressures that are driving up your grocery bill are now driving up your homeowner insurance rates,” Colleen Finn, managing director of home product management at Plymouth Rock, a Boston-based insurer, said.
“It is costing more and taking longer to repair your home, increasing the average…
More than half of U.S. homes built in the last ten years face risk from climate change, a huge jump from previous decades, Redfin reported. Redfin analyzed climate-risk scores from ClimateCheck and county records on homes built since 1900 to determine how many homes have a higher risk of climate-related damage. Fifty-five percent of homes are at risk for fires, while 45% are in drought-prone areas. This is a massive increase from the first half of the 20th century when only 14% of homes were in high fire risk areas and 37% faced droughts. New homes are also more vulnerable to heat and floods– almost 100% of homes built in the last two years see increased heat risk– but fire…
Americans are paying top dollar to live in areas prone to devastating environmental disasters, with home prices soaring in these locations. A new report from real estate publication Home Bay found that home prices are increasing at a higher rate than the national median in the areas most impacted by climate change. Home sales prices are up 167% in metros within states that have had at least 50 Federal Emergency Management Agency (FEMA) disaster declarations since 2012. By comparison, the national median increase is only 113%. FEMA ranks California, Texas, Florida, Louisiana, and North Carolina as the states with the highest risk for homeowners– that is, the states that are most likely to have disasters that threaten buildings, people, and…
Good Morning! Today is Tuesday, Aug. 31. The war in Afghanistan ended yesterday when the final US military plane left Kabul. President Biden, who was silent yesterday, is expected to address the nation this afternoon. Hurricane Ida left more than one million people with no electricity or water on the Gulf Coast. California ordered an evacuation along Lake Tahoe due to the Caldor fire.And in mortgage and housing news… Forbearance Numbers Hold: The number of mortgage loans in forbearance remains unchanged from last week, holding at 3.25% according to the latest report from the Mortgage Bankers Association. Freddie’s Here To Help: Freddie Mac reminded homeowners and mortgage servicers of its immediate disaster relief options for those affected by Hurricane Ida. In Further Freddie News: Freddie Mac now projects that…
