Why would more Americans today possibly be considering not purchasing home insurance for their property spaces? It seems that there are millions of Americans who have made the decision to go without it.
Some reports have already pointed out that the increasing costs are a big driver for many who are faced with the option of going without, but that doesn't mean they might not still be preparing in other ways. It's widely criticized to do this because of the common risks noted that are associated but for a few it might not be much of a choice for them. Some might have found for example that in certain areas they don't have much of a choice.
If families are looking for areas make some cuts with the squeeze thanks to cost of living increases then maybe home insurance is one area they could possibly consider, before making cuts in other areas like food or transportation costs. Does the market need more competition in this industry to be able to provide more products that might meet the needs of people perhaps? Maybe then so many wouldn't be going without it? There are some homeowners who claim to be saving on the side because they have decided not to go with the coverage and they can only hope they are saving enough if the need comes up. You also might be surprised with some of the regions that face much higher costs in this area than others.
For those who do reside in a place that sees more environmental disasters it might be surprising to see anyone take that risk of deciding to go without coverage for the peace of mind in case something devastating happens to their property.
This is not financial advice, posted for information purposes only.
https://www.npr.org/2024/03/03/1233963377/auto-home-insurance-premiums-costs-natural-disasters-inflation
https://www.usatoday.com/story/money/2024/06/23/americans-not-buying-homeowners-insurance/74144566007/
https://www.forbes.com/advisor/homeowners-insurance/homeowners-uninsured-high-rates/
The problem, the HUGE problem is the lack of coverage while paying for insurance.
You are paying more and more, and then have to fight to get paid.
Many places just have no coverage for the major things. Like Florida and Hurricanes. California and earthquakes and fires.
So, you pay a lot, for a lot of nothing.
If you are a good handman, it costs considerably less to fix your house. But, if you have insurance, you don't save anything by doing so. In fact, you could get into all kinds of problems.
And, one thing humans do is they red-line it. Put off things, and hope it gets better, and they stay lucky.
Last, many areas where a natural disaster happened, the people without insurance got more than the people with.
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