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The cost of homeowners insurance skyrockets in Upper Midwest states

Housing Wire

Why is homeowners insurance so expensive in the Upper Midwest? The growing prevalence of extreme weather events and the high cost of construction are pushing property insurers to significantly raise their prices , even in places you might not expect. All of which are exacerbated by the inflation of construction costs.

Insurance 441
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Insurance carrier exodus rattles California and Florida housing markets

Housing Wire

In late June, Susan Gregory received an estimate for a new homeowner’s insurance policy on her 120-year-old St. Augustine, Florida property, after her previous insurer, United Property and Casualty, went insolvent earlier in the year. This is one of the easiest parts of Florida to insure and costs have gone up over 40%.”

Insurance 370
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DataDigest: What happens when insurance carriers abandon America’s biggest housing markets

Housing Wire

When clients find their dream house and are ready to make an offer, Todd Armstrong’s next call isn’t necessarily to the seller’s agent or the buyer’s loan officer. “We Insurance policies for homeowners are skyrocketing. In Florida, agents are also grappling with insurability issues that are relatively new and vexing. The result?

Insurance 370
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Amid a climate crisis, some good news for Florida’s housing market

Housing Wire

The Florida housing market faces an outsized risk from weather events and larger climate issues. Not surprisingly, the state also has the highest average cost for homeowners insurance , and that cost is rising. Not surprisingly, the state also has the highest average cost for homeowners insurance , and that cost is rising.

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Seniors aging in place in Chicago could reshape city’s housing market

Housing Wire

Seniors largely want to remain in their own homes as they get older, and that preference could be remaking the housing market in the city of Chicago, according to a new report. of Chicago homes amid a housing shortage,” the company said in an email about the report according to the Sun-Times. Boomers own 35.6%

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Florida has built 77,000 new homes in high-risk flood areas

Housing Wire

The construction activity is likely to place the housing industry and its financing partners on a “collision course” with insurers, the outlet said. Big payouts from natural disasters are driving insurers to raise rates and pull back on coverage,” the report stated. A lot of times that’s not happening right now.”

Insurance 488
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The Week Ahead: Measuring Housing Market Dynamics

Appraisal Buzz

While the nation’s housing market remains tight, sales are tracking well below housing demand, and rental and homeowner vacancy rates are plummeting to multi-decade lows. residential housing economy, which represents approximately 17% of the nation’s Gross Domestic Product (GDP).