Homeowners are increasingly forgoing home insurance, gambling that the likelihood of a disaster isn’t high enough to justify the cost of a policy, according to the Wall Street Journal.
Those skipping insurance fall into two categories. Some say they are doing so because they can no longer afford the rising premiums. Others, particularly among the wealthy, say they have enough money saved to rebuild or move elsewhere should their home be destroyed
According to Bankrate, the national average for home insurance based on $250,000 in dwelling coverage increased this year to $1,428 annually, up 20% from 2022.
Read the full piece at The Wall Street Journal