If you own your own home, it’s no surprise that your homeowner’s insurance premium has soared. Even though hurricane and earthquake damage are not part of traditional homeowner’s insurance (and must be covered by separate policies), there are rising claims from wind and wind-driven water damage, as well as hail. According the New York Times, “The data show that homeowners insurance was unprofitable in 18 states last year, up from eight in 2013.” For example, in Illinois, the study shows insurers have made money on homeowners coverage in just three of the past seven years. Going without homeowner’s insurance is a bet, you simply don’t want to take with your largest and most important possession! But your homeowner’s insurance is also the basis for your liability insurance – whether someone is hurt on your property or sues for some other reason.

Source: New York Times June 04, 2024 20:37 UTC