{"id":436305,"date":"2024-01-03T14:05:16","date_gmt":"2024-01-03T19:05:16","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=436305"},"modified":"2024-01-04T12:17:22","modified_gmt":"2024-01-04T17:17:22","slug":"concerns-are-growing-over-the-rising-cost-of-homeowners-insurance","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/concerns-are-growing-over-the-rising-cost-of-homeowners-insurance\/","title":{"rendered":"Concerns are growing over the rising cost of homeowners insurance"},"content":{"rendered":"\n

The rising cost of homeowners insurance is weighing more heavily on American homeowners and buyers, according to a survey<\/a> published Wednesday by Mphasis Digital Risk<\/strong>, a technology services company serving the residential real estate lending industry.<\/p>\n\n\n\n

The nationwide survey received 1,634 responses from a pool of homeowners and non-homeowners.<\/p>\n\n\n\n

The vast majority of respondents (90%) expressed concerns about rising homeowners\u2019 insurance costs, while 27% reported that they are considering moving to a different state to get away from the ever-increasing insurance costs.<\/p>\n\n\n\n

In addition, 57% of respondents said they would not buy a home in an area prone to frequent natural disasters, even if they were offered subsidies or tax credits. More than half of the respondents (53%) also reported that they would move to a higher-tax state for better weather, while 42% reported that they would also move to a higher-tax state to cut down their potential exposure to natural disasters.<\/p>\n\n\n\n

\n

As reinsurance costs and the costs to rebuild have risen, many insurers have either stopped issuing new policies or drastically increased premiums in natural disaster-prone states like California<\/a> and Florida. <\/p>\n\n\n\n

Over the past 18 months,  seven of the 12 largest insurance companies by market share in California have either paused or restricted<\/a> new policies in the state, highlighted by the departures of State Farm<\/strong><\/a> and Allstate<\/strong><\/a> in early June 2023. <\/p>\n\n\n\n

For those homeowners who have an existing policy with State Farm, the insurer announced that it would be raising premiums by an average of 20% statewide, according to a report<\/a> from the San Francisco Chronicle<\/strong>. Due to these departures and price hikes, the California FAIR Plan<\/strong>, the state\u2019s insurer of last resort<\/a>, has seen enrollment double over the past few years.<\/p>\n\n\n\n

In Florida, the departure of many insurers<\/a>, as well as reinsurers, has resulted in Floridian homeowners to pay an average of nearly $4,000 a year in insurance, which is nearly three times the U.S. average, according to estimates from the Insurance Information Institute<\/strong>. In some instances<\/a>, homeowners have seen their homeowners insurance costs more than tripled.<\/p>\n\n\n\n

While these challenges are certainly impacting current homeowners in these states, the survey found that they are also impacting those who are considering moving to the states. Over three-quarters (77%) of respondents reported that insurers pulling out of a state or charging exponentially more<\/a> for insurance in that state would have a \u201csignificant\u201d impact or \u201cmake them think twice\u201d about moving to that state.<\/p>\n\n\n\n

Despite the insurance concerns in Florida and California, tornadoes were the top natural disasters respondents were concerned about impacting their property value at 46%, followed by flooding<\/a> at 45%, hurricanes at 42%, and landslides at 20%.<\/p>\n<\/div><\/div>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

A survey Mphasis Digital Risk found that 90% of homeowners are concerned about rising homeowners\u2019 insurance costs.<\/p>\n","protected":false},"author":34740,"featured_media":403314,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[201240,1681,268078],"tags":[1203,14548,1204,248665,1416],"coauthors":[242356],"acf":[],"yoast_head":"\nConcerns are growing over the rising cost of homeowners insurance - HousingWire<\/title>\n<meta name=\"description\" content=\"A survey Mphasis Digital Risk found that 90% of homeowners are concerned about rising homeowners\u2019 insurance costs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.housingwire.com\/articles\/concerns-are-growing-over-the-rising-cost-of-homeowners-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Concerns are growing over the rising cost of homeowners insurance - 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relief","author":"Chris Clow","date":"January 2, 2024","format":false,"excerpt":"A law that went into effect Jan. 1 cuts the amount of property taxes Texans have to pay, saving the average homeowner $2,500 in two years.","rel":"","context":"In "Housing Market"","block_context":{"text":"Housing Market","link":"https:\/\/www.housingwire.com\/category\/real-estate\/housing-market\/"},"img":{"alt_text":"Texas housing inventory, resize","src":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/07\/texas-housing-inventory.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/07\/texas-housing-inventory.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/07\/texas-housing-inventory.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2020\/07\/texas-housing-inventory.jpg?resize=700%2C400&ssl=1 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These will help on the margin, but we still need smart lenders to help create even more robust financing options for ADUs.","rel":"","context":"In "Opinion"","block_context":{"text":"Opinion","link":"https:\/\/www.housingwire.com\/category\/opinion\/"},"img":{"alt_text":"adu","src":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/04\/ADU.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/04\/ADU.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/04\/ADU.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/04\/ADU.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":439817,"url":"https:\/\/www.housingwire.com\/articles\/reverse-purchase-financing-the-financing-option-no-one-is-talking-about\/","url_meta":{"origin":436305,"position":5},"title":"Reverse purchase financing: The financing option no one is talking about","author":"Jessica Davis","date":"January 17, 2024","format":false,"excerpt":"Reverse purchase financing allows those aged 62 and older to purchase a new house or certain condos by combining a one-time investment of their funds (such as profits from the sale of their current home) with reverse mortgage loan proceeds to complete the purchase.","rel":"","context":"In "Sponsored Content"","block_context":{"text":"Sponsored Content","link":"https:\/\/www.housingwire.com\/category\/sponsored-content\/"},"img":{"alt_text":"Baby Boomer digest","src":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/05\/Baby-Boomer-digest.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/05\/Baby-Boomer-digest.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/05\/Baby-Boomer-digest.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.housingwire.com\/wp-content\/uploads\/2023\/05\/Baby-Boomer-digest.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/posts\/436305"}],"collection":[{"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/users\/34740"}],"replies":[{"embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/comments?post=436305"}],"version-history":[{"count":5,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/posts\/436305\/revisions"}],"predecessor-version":[{"id":437254,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/posts\/436305\/revisions\/437254"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/media\/403314"}],"wp:attachment":[{"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/media?parent=436305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/categories?post=436305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/tags?post=436305"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.housingwire.com\/wp-json\/wp\/v2\/coauthors?post=436305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}