CHARLOTTE, N.C. — WCNC Charlotte has been covering rising home prices for years, but what isn't as often discussed is the cost of home insurance: It's going up just as fast.
A new report from Money.com says more homeowners are skipping out on coverage to save some money.
Eighty-eight percent of homeowners this year are covered, the article says citing the nonprofit Insurance Information Institute. The nonprofit compared the stat to just a few years ago, when upwards of 95% of homeowners had insurance coverage.
Writers say for those whose home is already paid off, there's no requirement to keep coverage in place. The Consumer Financial Protection Bureau said for homeowners still paying, if your mortgage lender requires insurance and you ignore or cancel your plan the mortgage company can take out a policy on the home and charge you for it anyway.
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
Average annual premiums across the country are closing in on $1,800, according to one measure from the insurance marketplace Policygenius. That number doesn't take into account those in areas more susceptible to weather events, including locations like North Carolina's Outer Banks where hurricanes are more likely.
Experts said this isn't a pandemic issue either. They said insurance rates have been on the climb for years before.
Experts forewarn this trend, which goes by the name "going bare," can largely backfire on homeowners.
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