The cost of home owners insurance going way up

[Omaha Steve]

Hail took out my roof last summer. $18,000 claim. We upgraded to hail resistant (class 4) roofing. Policy is still going up 40%. We are going to shop around.

[synni]

1. I'm awfully afraid it will be even worse soon

Because of all the recent tornado damage in the south.

Good luck finding a cheaper insurance policy.

[yellowdogintexas]

2. ours doubled, and we have never filed a claim nt

[buzzycrumbhunger]

3. Florida is already there...

So many insurance companies have pulled out of Florida because hurricanes are increasing and bigger than ever. I think there are only a couple left. The options are to self-insure (as if) or eat the loss entirely when your house gets flattened. I had a friend whose home was destroyed in New Port Richey ( on the water south of Tampa) a couple years ago and got great insurance coverage, rebuilt everything, and then BOOM—Milton flattened it again. He sold at a loss and got a place far inland. He’s having to remodel this place as well but is scared shitless about the possibility of having to do it all again. He’s a vet who’d hoped to be living on his boat and traveling the world by now but instead had to take his mum in on top of all this, so this is his life now.

Add that to the fact that hedge funds are buying up real estate like crazy and no one can afford to live here at all in the land of crap wages.

Scary stuff.