October 29, 2024

Housing

As insurance premiums and property taxes rise, and future home values grow more uncertain, it’s time for some prospective buyers set on living in areas with high risk of hurricanes, floods, wildfires and tornadoes to reconsider homeownership as a financial goal. Renting is quickly becoming a better way for many people to enjoy these places with much less financial baggage.

One of the biggest reasons homeownership is not what it used to be is the turmoil in property insurance markets. According to a recent report by Intercontinental Exchange Inc., a data and technology firm, the average property insurance payment for a mortgaged single family home has increased by 52 percent around the country since 2019.

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