September 22nd, 2023 3:09 PM by Juan Luis Rodriguez-Kohly
Homeowner’s Insurance Premiums are Surging in These Five States by Shannon Hicks September 19, 2023
Money.com reports these five states saw the largest increase in premiums from May 2021 to May 2023.
The spike in premiums is attributed to a perfect storm of a spike in natural disasters, record insurance losses, and higher construction prices.
Natural disasters such as hurricanes have long-lasting impacts. For example, in the wake of Florida’s most destructive hurricanes, insurers began hiking homeowners insurance premiums. The same can be said for Colorado, Idaho, and California. In the wake of the disastrous and deadly Maui Fire island residents will soon face the same challenge.
As a result of the surging cost of premiums, many older homeowners without a mortgage on their home have chosen to forego homeowners insurance altogether. The Insurance Information Institute reports that 5% more homeowners have not purchased homeowners insurance than just two years ago.
Many homeowners are very likely house-rich but cash-poor. Even worse, their greatest source of wealth is now at risk of being wiped out. One disaster could push an older homeowner into complete financial ruin or possible homelessness.
Have you seen an increase in homeowners insurance policy premiums? A reverse mortgage could provide the means needed to purchase a policy and protect what’s likely your largest asset.
The homeowner wins by protecting their home. but most importantly, helps eliminate the risk of a homeowner losing their home to a disaster or fire.
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Inquire on how a Reverse Mortgage can help you cover your insurance costs, protect your home and give you financial peace of mind. It did to me and millions of other Seniors.
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Get a free, No Obligation Estimate of the Funds you could receive from a Reverse Mortgage. Call me today at 786-262-6486 or email me at rodkohly@gmail.com or Click on the link below
Quick Reverse Mortgage Quote Form (seniorreverseflorida.com)