this post was submitted on 17 Jan 2025
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Home... insurance? How can you afford a house that you want to insure, yet not have the money for that insurance?
It seems like people have been convinced to buy more than they can actually afford. My house was relatively inexpensive, and I couldn't imagine paying to insure it for the unlikely event of a catastrophe.
For many people the insurance rates have jumped 40%, even without claims. And most of the major insurers are dropping people once they do file a claim and get compensated. That means that starting a new policy with another company is going to be prohibitively expensive, but because everyone’s home loans require you have insurance they’re heading for a catch-22.
Oh dear, is it 2008 already?