What good is insurance if you can’t afford it? More people across the U.S. are finding out.
By Ryan Brady | NerdWallet
To cover costs, Mars had to dip into his nest egg and withdraw $12,000 from his individual retirement account. “We’re not sitting on a huge mountain of cash here,” Mars says. And opting out of insurance isn’t an option when you have a mortgage. It’s a valid concern. In Florida, for example, private homeowners insurance has gotten so scarce that Citizens, the state-funded “insurer of last resort,” is now its top property insurer by number of policies.
“It’s a bloodbath,” says Dori Einhorn, owner of California-based Einhorn Insurance, which specializes in wildfire insurance. “I’ve never seen anything so awful.” Einhorn is referring to the growing number of insurers no longer writing policies in the Golden Gate. “As long as global warming persists, I don’t see how this is going to stop.”It’s not just homeowners insurance that’s more difficult to lock down.
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