Americans are canceling their homeowner’s insurance because they can no longer afford it, reports the Wall Street Journal.
Welcome to Joe Biden’s America, where the ruling party doesn’t want you to own anything.
“Homeowners are increasingly forgoing home insurance, gambling that the likelihood of a disaster isn’t high enough to justify the cost of a policy,” reports the Journal.
“Some skipping insurance say they are doing so because they can no longer afford the rising premiums,” the report adds. “The national average for home insurance based on $250,000 in dwelling coverage increased this year to $1,428 annually, up 20% from 2022, according to Bankrate.”
That’s a jump of 20 percent in a single year.
“Twelve percent of homeowners in the U.S. don’t purchase homeowners’ insurance. About half of them have annual household incomes of less than $40,000, according to a 2023 survey[.]”
Not having insurance is a major gamble. Insurance not only covers the cost of replacing your house but also its contents, removal of the old house, and a place to live until the new dwelling is in place. That coverage might vary depending on your policy, but that’s all pretty standard.
Even if you decide to abandon your home in the event of a fire or flood or whatever, you could still assume liability with the clean-up.
What strikes me is how financially strapped some people are to take this kind of risk with the most important asset they will likely ever own — their home.
For most of us, for everyday people, your house is not only your shelter; it’s your future. Your home is the thing you build old age and retirement on. Not to put too fine a point on it, but it’s the rock in your life, the thing you can always count on and even draw on in the event of an emergency. The thought of losing my home is unimaginable, and how that loss would annihilate my future plans is even more unimaginable.
But things have gotten so bad in this Biden economy — most especially the soaring cost of the things closest to families, like goods and gas — that something’s got to give, so people apparently think the homeowner’s insurance is worth the gamble.
It doesn’t have to be like this. That’s what people need to understand. Biden floods the country with millions of illegal aliens. What does that do? It increases demand, which increases inflation. The only thing millions of illegal aliens decrease the cost of is your labor (your wages). Biden ceases domestic oil drilling. What does that do? It increases the cost of energy. Because energy is involved in everything, it increases the cost of everything.
Honestly, living this way is a choice made by the Democrat party. It does not have to be like this.
Follow John Nolte on Twitter @NolteNC. Follow his Facebook Page here.
