Insurance renewal crisis in Hurricane states

[Dirtyhip]

Louisiana faces an insurance crisis, leaving people afraid they can't afford their homes (aol.com)

What would you do if your insurance cost was totally unaffordable?  If you are mortgage free, insurance is up to you.  No chance of skirting it if there is a lender.  I am wondering when those of us in the West might be hit with excessive amounts in fire insurance costs.  Will the natural disasters force some to pick up and move away permanenty?

[Airehead ★]

I am surprised there aren’t already fire charges in places. 

[Dirtyhip]

Just now, Airehead said:

I am surprised there aren’t already fire charges in places. 

My insurance has increased quite a bit.    Not at the excess I read about in this article.  3000 a year for some of the homes.   Probably because this area of the country is so problematic with flooding and storm surge, 

[MickinMD ★]

15 hours ago, Dirtyhip said:

Louisiana faces an insurance crisis, leaving people afraid they can't afford their homes (aol.com)

What would you do if your insurance cost was totally unaffordable?  If you are mortgage free, insurance is up to you.  No chance of skirting it if there is a lender.  I am wondering when those of us in the West might be hit with excessive amounts in fire insurance costs.  Will the natural disasters force some to pick up and move away permanenty?

Agreed!  If you're mortgage-free, you should sell your home before you give up insurance because there's too much of a risk to your major asset - especially with older houses.

I was mortgage free when my house fire occurred.  Thankfully, I had what proved to be great insurance.  When I added my current, inherited house to my insurance with the other mortgage-free house I owned plus car, my State Farm agent checked it out and said, "That's a nice house!"  That's how it looked from the outside.  Inside it was a wreck. Still, I gave my 2 child-raising siblings 2/3 of what I got when I sold my other house, downsized, took sole possession and moved in to our childhood home.  Now, after the fire, I have an asset worth $125K more than before, but I hope the State assessors don't notice much of the improvements because it looked great from outside before.