Insurance is something you don’t think too much about until you need it. But with rising prices pushing the cost of homeownership higher, it’s increasingly on the minds of prospective home buyers. In fact, a new survey from the National Association of Realtors’ consumer website found 88 percent of surveyed buyers say they believe they’ll pay more for insurance in the future and 75 percent say it could ultimately become unaffordable. Danielle Hale, the website’s chief economist, says buyers have begun adjusting their shopping strategies. “Homeowners insurance offers financial protection for consumers that may help cover damage to homes and personal property from an extreme weather event or fire, while also providing personal property and liability coverage,” Hale said. “But these benefits come with an upfront cost that has risen as weather events have become more frequent and impactful and rebuilding costs climb. Homeowners are looking for strategies to lower costs including adjusting their home searches and potentially short-changing or forgoing coverage altogether.” (source)
