Surging home insurance costs could force families to leave these 10 states (OK is one)

[prh79]

No but they can afford to buy up property when homeowners and investors can no longer afford the insurance. I've read a large percentage of residential homes purchased recently have been by large investment groups.

When insurance companies raise rates people shop for insurance and they lose clients… what’s the incentive for them?

 

[montesa]

When insurance companies raise rates people shop for insurance and they lose clients… what’s the incentive for them?

Home owners can't afford their homes and are foreclosed. Investors can't raise rents high enough to be profitable and sell their investment portfolios. Even though people can shop for better deals when rates climb they all do. It's all connected financially across the board.

 

[JD8]

When insurance companies raise rates people shop for insurance and they lose clients… what’s the incentive for them?

Please stop employing logic sir...... we have a boogey man to groom. The last report I saw was large corporations made up 5% of the of the total single unit rentals.

 

[JD8]

Home owners can't afford their homes and are foreclosed. Investors can't raise rents high enough to be profitable and sell their investment portfolios. Even though people can shop for better deals when rates climb they all do. It's all connected financially across the board.

Mortgage rates and taxes are significantly more important to cost than insurance.

 

[prh79]

Home owners can't afford their homes and are foreclosed. Investors can't raise rents high enough to be profitable and sell their investment portfolios. Even though people can shop for better deals when rates climb they all do. It's all connected financially across the board.

Sorry, I’m a little slow and am not sure I understand your argument. Investment companies push insurance companies to raise rates w/o a payout to them when people leave just so the investment firms can sell their REITS at a discount?

 

[montesa]

Sorry, I’m a little slow and am not sure I understand your argument. Investment companies push insurance companies to raise rates w/o a payout to them when people leave just so the investment firms can sell their REITS at a discount?

I'm just saying insurance costs affect whether or not people can continue affording their homes or investment properties and large companies are poised buy those properties

 

[dennishoddy]

This is likely where the "double digit" numbers come from. Personally, I don't give a rat's ass what the CPI is (other than how it relates to SS cost of living increases) because I'm not a consumer of many of the items included in the CPI. I buy food, gas and other essentials...those are the important things to me, and likely to most other Americans. And all it takes is a trip to the grocery store to know the practical inflation rate for most people is likely double the 9% reported from the CPI:



The federal government lies about everything and every politician has an agenda. So I'd be skeptical of this report as well.

You would be correct being skeptical. If the Biden administration used the same metrics that the government did under Jimmy Carters administration, every number in the CPI would be well into double digits. The biden administration changed the method of calculation so the final numbers wouldn’t look so terrible.
Inflation is cumulative. If it’s 9% one year and 8% the next year the total cumulative number is 17%.

 

[Shadowrider]

Mortgage rates and taxes are significantly more important to cost than insurance.

My daughter pays more into escrow than her P&I is. Taxes are high but they don’t go up 100% in three years.

She just sold her house yesterday and is buying one about half the size of what she just sold. It’s given that she no longer needs a 4BR/3car garage with a pool, but 3 years ago she could swing it . She still can but just barely while working two nursing jobs and she can’t pay down her debt like she wants to. Her insurance is the main reason. Shopping policies didn’t get it back to where it was when she bought. Not even close.

 

[SKATA]

Please stop employing logic sir...... we have a boogey man to groom. The last report I saw was large corporations made up 5% of the of the total single unit rentals.

A few months ago, I thought I read that it was close to 20%. Blackrock and others financing the coup. Just like in china, they own all the property.

 

[montesa]

Same guys missing the big picture and acting like nothing is going on and mocking those paying attention.