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Terry Savage: Homeowner’s insurance premiums rising

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Opening that bill, you might find a 25% increase or more — even though you’ve had no claims. If your premium is included in your monthly mortgage payment, you’ll get notice of a jump in your monthl…

If you own your own home, it’s no surprise that your homeowner’s insurance premium has soared. Opening that bill, you might find a 25% increase or more — even though you’ve had no claims. If your premium is included in your monthly mortgage payment, you’ll get notice of a jump in your monthly payment.

According to the New York Times, “The data show that homeowners insurance was unprofitable in 18 states last year, up from eight in 2013.” For example, in Illinois, the study shows insurers have made money on homeowners coverage in just three of the past seven years. The state was affected by nine separate billion-dollar disasters last year, according to NOAA data, including seven severe storms.

Going without homeowner’s insurance is a bet that you simply don’t want to take with your largest and most important possession!

 

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