Homeowners insurance costs are going through the roof. Here's why.
CBSN
When Joy Sharp built a new home in the small coastal community of Wilmington, North Carolina, about eight years ago, her homeowners insurance cost was a relatively modest $1,400. That was then.
Now, and after a series of violent storms slammed the Atlantic coast in recent years, her annual premiums have more than quadrupled. "Now I've been given renewal rates of $6,000," Sharp, 39, herself an insurance agent, told CBS News. "So, it's just every year, it goes up and up and up, and it's not coming down."
Florida resident Sam Weitzner and his wife, have been similarly socked since buying their Orlando home in Orlando in 2017. Their homeowners coverage has surged from $1,500 to nearly $6,000 a year, affecting their finances and forcing them to change insurers.
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