Property Taxes, Insurance Costs Squeeze Homeowners

By ERIN FLYNN JAY Rising property taxes and insurance costs are putting pressure on homeowners across the country. Last week, Newsweek reported that polling conducted for them by Redfield & Wilton Strategies found that property taxes and/or insurance costs have risen for most homeowners within the past year. The poll found that 65% of Americans saw increased property taxes, while 69% paid more for home insurance. They surveyed 1,500 eligible voters on May 1, according to the report. In April, ATTOM released its property tax analysis for 89.4 million U.S. single-family homes, which showed that $363.3 billion in property taxes were levied in 2023, up 6.9% from $339.8 billion in 2022. The increase was almost double the 3.6% growth rate…

Americans Flocking To Florida Value Lifestyle Over Climate Risks

Americans are aware of the risks to coastal communities posed by climate change but keep flocking there anyway, proving lifestyle outweighs the future value of their homes — for now. In a survey of 2,000 consumers, 51% of homeowners said they are worried about how increasing global temperatures will impact their homes.  Though drought and fire concerned homeowners, the most distressing possibilities were water damage. Severe storms were the most common concern, followed by hurricanes and flooding. When it comes to coastal properties, a whopping 38% are convinced they will become uninhabitable. An additional 47% think they will be “liveable but less valuable.” But Americans are still moving to sunny, storm-prone Florida in droves, even though they claim to understand…

Guaranteed Rate Insurance Adds Flood Solution

Guaranteed Rate Insurance has developed a solution for homebuyers in high-flood risk areas, the company announced in a press release. Its new private flood insurance API connection allows agents to provide flood quotes in all zones from multiple providers, directly through its CRM platform. Agents need only confirm property details and coverages/deductibles, with the binding process taking just minutes, company leaders said. Flood quotes will be presented alongside homeowners quotes for properties in 48 states and Washington, D.C. “Any agent who does not provide a flood quote is doing a disservice to their customer. Our top priority is to equip our agents with the necessary tools to offer their customers a wide range of coverage options, empowering them to make…