Homeowners insurance

Soaring insurance costs may add to escrowed funds that servicers can earn money on in some cases, but higher premiums also could lead to affordability issues.

One California insurer received an approved rate change for 56.4%, an increase affecting over 17,000 borrowers.

Borrowers are reacting to more media coverage of wider windstorm activity and events like a Tri-State earthquake, experts said.

InnSure executive director shares how communities can combat higher rates and mitigate climate risk by taking control of their insurability.

Roughly 13% of homeowners in the top state are uninsured.

The Congressional Budget Office acknowledged limitations in its research of expected flood damage data.

Even with rising premiums, the disincentive is not enough to drive homeowners away from risky areas, said the chairman of Swiss Re.

Western utilities and beyond are finding it prohibitively expensive, if not impossible, to insure against potential fire-related claims. The issue will become more pressing as climate change makes droughts more intense and frequent, heightening the chances of more destructive infernos.

Nearly one-in-five homeowners have to borrow to pay unexpected expenses related to their property, although 24% claim to have a rainy day fund, according to Bankrate.

Unusual spikes in property taxes and insurance in many areas are causing servicing concerns that mortgage companies may not be used to managing.