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.

There's temporary leeway on formal compliance with replacement-cost value requirements in order to sort out insurer concerns with a recent re-emphasis on them.

Above and beyond the obvious damage, wildfires levied a hidden cost on the finance industry: Mortgage lenders and investors lost more than $30 billion between 2020 and 2022, due to both accelerated defaults and prepayments following disastrous blazes.

State restrictions on the use of credit scores appear to help a wide range of consumers cut homeowner insurance costs to varying degrees, according to Matic.

Cost of property coverage rose more than 55% over the last five years and it'll likely keep rising through 2024, a report from Guaranteed Rate found.

Natural disasters have hammered U.S. home insurers and hindered some stateside origination activity, but no American lender has publicly pronounced a pullback over climate risks.

The volume of active for-sale condo listings in the Sunshine State increased by 40% last month compared to a year earlier, Redfin said.

The frozen rain pellets which can destroy roofs, sidings and windows were responsible for the largest percentage of insured loss last year.

Homeowners from Sarasota south to Naples, known for its eight-figure waterfront mansions, are having a tougher time selling their properties, and the buildup in inventory has caused home prices to fall at some of the fastest rates in the nation.

Over half of mortgage professionals in an upcoming Arizent survey suggest severe weather events will disrupt the housing market next year.

The digital lender's product comes amid soaring expenses for homeowner's coverage.