Many homeowners fear losing their current home insurance coverage due to an increase in natural disasters and ongoing economic conditions, among other concerns.
Extreme weather across the U.S. has caused some insurance companies to pull out of markets they fear will cost them too much money. This has left many homeowners concerned about the future of their current insurance policies. In fact, half of home insurance policyholders worry their homes won’t be insurable at some point, according to a recent survey from personal financing website ValuePenguin. That’s nearly double the rate from last year’s survey, when 26% were concerned about losing their home insurance coverage. Of those citing concerns, 26% say they’re concerned because of ongoing inflation, while a respective 16% and 12% cite concerns related to the home insurance crisis and climate change.
The concerns continue, as 25% of policyholders have received nonrenewal notices, up from 19% last year. Interestingly, the likelihood increases as you get younger, even if those groups likely have had policies for shorter periods. Just 9% of baby boomer policyholders have received a nonrenewal notice from their insurer.Read more
