Soaring Insurance Costs Could Force House Prices To Fall—and Some Homeowners To Forgo Coverage
By Clare Trapasso | realtor.com When Palm Beach County Commissioner Gregg Weiss learned his windstorm insurance was doubling to $20,000 a year, his insurance agent had an unexpected solution: Pay off the mortgage on his West Palm Peach, FL, home and drop the insurance entirely. So, two years ago, he did just that. He figured his century-old home had survived “numerous” hurricanes. The money he saved on the insurance was used instead for a new roof. He also installed impact windows in the three-bedroom home, which is located about a mile from the shore. “It felt terrible. … [But] it just didn’t make sense anymore,” says Weiss, who is also a...
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