A hidden cost of homeownership is driving up costs — and approaching crisis levels
Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
Homeowners across the country are facing an insurance crisis — and it’s driving up housing costs.
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About 72% of U.S. homeowners said their policy has increased over the past year, according to one of several insurance-related surveys conducted by Redfin Corp. Meanwhile, about 8% of those surveyed said their insurance company stopped offering coverage for their home, and another 9% of homeowners said they are worried their insurer may stop offering coverage.
“Homeowners living in areas where insurance premiums are surging are at risk of seeing their properties gain less value than homeowners in areas with stable premiums — and in some cases, they may even lose money,” said Redfin Chief Economist Daryl Fairweather in the report. “Homes with low disaster risk and low insurance costs will likely become increasingly popular, and thus more valuable, as the dangers of climate change intensify.”
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