The escalating costs and new additional specifications to comply with policy requirements for rural property owners may be a strategy devised by financiers and other entities to force people to out of their homes.
Surging home insurance costs could force families to leave these 10 states (OK is one)
- Thread starter chuter
- Start Date
yep, mine went up to this last year cause of some bs. they came up with and then the property taxes go up every year on top of that. and of course the escrow recalculating every year.
Just called Geico and maybe I’m getting a better deal than I think. The renewal notice is for $3,750.00 with Great Northwest and Geico just quoted me $5,000.00.
I am not looking forward to my policy renewal in May.
These companies are justifying the current trend demanding enormous rate increases based on estimates stipulated to cover complete replacement of existing structures at current costs for supplies and construction. State Farm refused to write me a policy for coverage far below the existing value of a home that I own outright. I suspect that there is some collusion between the banking and insurance industries because this kind of policy structure only serves these two entities. People can be driven out of their homes and off their land by taxation; squeezed out by increasing the mortgage payment costs in variable rate loans; forcibly removed under eminent domain; and by foreclosure when a mortgagee is unable to comply with loan stipulations that require insurance coverage they find themselves unable to afford; or, perhaps due to changes in policy structures subsequent to back room agreements between insurance companies which are very probably submitting to pressure from foreign and domestic financial institutions (underwriters) investing in land and properties that hold real value. I can hear the echoes of gravelly voices whispering in dimly lit rooms clouded in cigar smoke, “Why, business hasn’t been this easy since we stole the land from the Indians!”.
Fortunately I live in an apartment now. Previously I had a house in Moore for 13 Years. I made 5 claims for tornado damage. I bet my insurance would cost more than a mortgage now.
Well, I've seen both sides of that story. Mostly in commercial property but there's all sorts of commercial property out there that is insured for way less of it's value or what it would take to replace. In a perfect world this should be just fine. The problem is that these property owners tend to sue after they get pissy with the check they get from insurance company in a total loss, even though the value is agreed upon by both parties. I've seen it happen multiple times.
More like half the players for the Kansas City Chiefs
Nothing personal.
But I think by now, we should understand that God hates Moore, OK?
