Homeowners ditching home insurance over rising premiums

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

My insurance went up 42% this year and 30% last year. INSANE!

Well, if it's a choice between buying food, paying utilities, having health insurance, I place homeowner's insurance as LAST.

CANCEL. Self insure. If you have 20% paid on your mortgage you can handle your( escrow ) taxes and insurance on your own. At that point just cancel your insurance. Punish the industry, and fight back. They don’t have your best interest at heart. The coverages and deductibles are getting worse and worse.

The biggest lesson I learned in 2023 about the stock market is that nobody knows what will happen next, so practice some humility and low a strategy with a long-term edge.

You legally cannot abandon any home insurance unless you own the home and have no mortgage. There’s no such thing anymore of having a mortgage without insurance.

I realize insurance companies have been paying out a lot of claims due to so many weather related disasters. However my insurance both homeowner and vehicles have been skyrocketing to the point that I can barely afford it. Not sure what the answer is, but certainly continuing to raise premiums will ultimately price themselves out of business and that will certainly collapse the economy.

I got rid of mine and invested it and now have a lot more to fix whatever issue may arise and still will money leftover. Smartest move i ever made.

Insurance is a scam.

Let these insurance companies price themselves out of business. DON'T BUY THEIR PRODUCT!

my insurance has gone up 300% in the past 5 years. Forced to have it because mortgage. I am looking to get the bare minimum insurance but the policies and information is hidden. The levels of coverages are forcibly set by the insurance coverage.

Honestly this is a pay to play situation..  Maybe push the rate hikes on people based on individual risk, not overall risk.. people who want to live on the coast and areas prone to fires or other natural disaster pay a surcharge. Why am I paying for people who chose to live in risky areas?

Scary Times

My insurance is due for renewal in October. It's reported to increase 42%. If that happens i will not re new.

If one is paying their bill. Insurance companies shouldn’t be able to drop those clients. Unless they are giving that money back. Insurance companies are stealing clients money.

This is crazy

Ditched mine 10 yrs ago. House has been standing strong since the 40's. So if SoCal has a significant earthquake, enough to knock a house off its foundation, then we have a bigger issue than just getting our homes rebuilt. But in a few years, i wont be needing to worry about that much longer anyhow.

After diligently paying home insurance premiums, my experience with one small claim with The Hartford has been a near journey thru hell. Beware.

If one has a mortgage, isn’t insurance required by the mortgage company?

I have to admit, I have thought about doing this. I just don't like the fact that insurance can and do insure what you don't need and cannot change. My insurance is $4,000 and Property tax $4,500. WHY pay these after 65 and low income with home is paid off. Where does it stop? Getting where we can't afford to maintain the house and running us out of our homes we spent 50 years to Retire. They are insuring my $1,000 for $19,000 and I don't have a choice. Why do we have to fight every year to keep tax and insurance low when we have no issues.