Homeowner’s insurance has become more and more outrageous over the past few years, especially in Florida. If mortgage companies demand that we have homeowner’s insurance on our homes, something must be done to make it more affordable. Mine has TRIPLED in the past five years, and it’s becoming more difficult to even find a carrier to cover my home here. It’s disgusting! It’s got to be made more competitve, or have mortgage companies pay part of the bill since in reality the home is actually theirs. Whatever it is, something MUST be done!
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I do not know if lenders get kickbacks from choosing specific insurance companies but it sure does seem likely considering the policy premiums charged by their preferred insurers. Perhaps the industry needs a audit and an overhaul.
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Agree! The industry seems corrupt. I think it needs a complete overhaul, actually.
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HOME OWNERS - HEALTH INSURANCE - LIABILITY INSURANCE - PROFESSIONAL INSURANCE
Agree! Complete overhaul in every state.
Retirees cannot afford to stay in their homes after they paid them off because the costs of homeowners insurance, property taxes at city and county level, repairs such as sewer tiles and old trees that are ordered cut down by the local govt, as well as new sidewalk blocks, are all going up in price higher than social security and savings go. Every repairman has to be insured. That price is passed on. Not to mention Medicare’s costs. I remember the days in the 70’s, 80’s, someone over 65 had Medicare and that took care of everything. Adults had jobs that insurance paid for everything. Then we moved to paying premiums monthly. We were self employed and paid $900/month for a family of 4 because I was of pregnancy age. Golden Rule, I will never forget that company. Then insurance companies added a co-pay to all your visits and procedures. And now they have something called co-insurance. All of these are charges the person has to pay.
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