Insurance Is the Wild Card for Some Buyers
When it comes to buying a house, the elephant in the room is not the price. It’s not the mortgage rates. It’s not even the property tax. It’s the insurance.
When it comes to buying a house, the elephant in the room is not the price. It’s not the mortgage rates. It’s not even the property tax. It’s the insurance.
A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report says.
Homebuyers who focus solely on the cost of their mortgage’s interest and principal are doing themselves a disservice. There are other recurring costs that should be factored into the decision.
Many homeowners, especially rookies who are new to the game, have no clue what their homeowner’s insurance policies cover.
Many – if not most – homeowners aren’t prepared for a flood, tornado or other natural disaster. And neither, apparently, are their insurance companies.