Some Americans are choosing to go without home insurance as the cost of premiums continues to rise, according to The Wall Street Journal.
Over the past three years, many people who have paid off their mortgage or inherited a home have opted out of insurance due to the high price, Amy Bach, the executive director at United Policyholders, told the WSJ. The national average of home insurance for a $250,000 house has increased 20% since 2022 to $1,428 a year. (RELATED: Despite Pouring Billions Into The Crisis, California Continues To Battle Surging Homelessness. Here’s Why)
“It would probably be financially devastating if I lost my house, but I have enough money in savings to move into a condo in that event,” Larry Farinholt, owner of a 1,100-square-foot home in Los Angeles, told the WSJ. Farinholt has not had home insurance in more than 25 years and says he has saved $50,000.
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