Folks Bailing On Home Insurance Gone Wild

After a deep breath, just paid my WHOPPING home insurance bill & I wondered if others aren’t also tempted to tell ‘em to “kiss my a**” next time, as WSJ says “Americans Are Bailing on Their Home Insurance.”

Not that the insurance companies are solely at fault for the premiums gone amok as government disaster & NON-law enforcement policies must be factored in. And, many folks will have no choice but pay up if their home mortgage says so. Yet, notes the WSJ, “homeowners (especially those who have no mortgage or inherited the digs) are increasingly forgoing home insurance, gambling that the likelihood of a disaster isn’t high enough to justify the cost of a policy.” And, the article suggests, upping the deductible may be an illusory solution for anyone who’s not wealthy enough to cover that heightened cost should it arise … or “self-insure” & rebuild from scratch entirely on their own dime. How bad is it getting? Bankrate says the national average for home insurance based on $250K in dwelling coverage increased this year to $1,428 annually, up 20% from 2022 alone.

The “experts” don’t need to remind us of the danger in going without insurance (or with reduced coverage) BUT THEY DO: “It’s a risky proposition to go without home insurance,” says LA financial advisor Noah Damsky. He should know, given the insane housing costs in tinsel town. “You need to fully understand the financial consequences if you lose your home.” No, we don’t. If the house burns to the ground in one of those California wildfires caused by stupid utility practices and/or naïve gov’t combustible plant protection policies, the owner is dung out of luck & will even get billed by the progressive county for “land clearance” costs.

Davd Soul